The South Korean cabinet has approved the Implementation Order of the Virtual Asset User Protection Law, which will come into effect on July 19

The South Korean cabinet on Friday approved the "Virtual Asset User Protection Law Implementation Order", which stipulates the specific content of the "Virtual Asset User Protection Law".
The law, which will take effect on July 19, is enacted to protect users of virtual assets and establish a healthy market order. The law defines the definition of virtual assets and the objects of exclusion of virtual assets, and stipulates the obligations of virtual asset operators to safely store and manage user deposits and virtual assets. The bill also provides sanctions such as criminal penalties and fines for unfair trade practices related to virtual assets, including the use of undisclosed material information and manipulation of market prices.
On the basis of these provisions, the bill specifies the details of legal authorization, including the definition of virtual assets, the establishment of a virtual assets committee, the management of user deposits, the protection of user virtual assets, the prohibition of unfair trading practices, and the prohibition of arbitrary freezing of deposits and withdrawals.