The much-talked-about new regulations from South Korea’s financial security regulator, designed to protect users buying and storing crypto assets with VASPs, came into force on July 19. Titled the “Virtual Asset User Protection Act,” VASPs must take several steps to ensure the protection of user’s crypto, according to a July 17 statement from South Korea’s FSC. These include taking out insurance against hacking and malicious attacks against the user’s crypto assets. VASPs are also required to maintain a certain level of due diligence to prevent money laundering on their platforms and must report any suspicious transactions to the regulator.
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