South Korea Passes Cryptocurrency Bill Tackling Unfair Trading

South Korea has passed a new crypto bill called the Virtual Asset User Protection legislation, which is designed to regulate unfair trade practices and protect crypto investors. The law combines 19 crypto-related acts, creating a single bill that defines digital assets and imposes fines for illegal trading methods such as exploiting undisclosed information, manipulating the market, and other unfair trading methods in the cryptocurrency industry. In South Korea, virtual asset service providers (VASPs) are now required to take responsibility for customers' deposits and to offer insurance to shield investors from risks like hacking and computer failure.

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