JUST IN: South Korea enacts full passage of Virtual Asset User Protection Bill.
11 May 2023, 07:29
π’ JUST IN: South Korea enacts full passage of Virtual Asset User Protection Bill π°π·
South Korea's Legislation and Judiciary Committee just gave the thumbs up to the Virtual Asset User Protection Bill during a plenary session. It's all about regulating "unfair" digital asset trading and keeping investors safe. πͺπ°
Details:
βοΈ Fair Trade
The bill aims to regulate illicit digital asset transactions and protect investors from fraudulent practices. It defines virtual assets, excluding CBDCs, and holds accountable those involved in the unauthorized use of undisclosed information and price manipulation.
π Watchdogs
Under the Financial Services Commission (FSC) supervision, virtual asset operators will be closely monitored to ensure compliance with the new regulations.
π°π· Invest With Confidence
This is a game-changer for South Korea's crypto industry, bringing in more trust and protection for all you adventurous investors out here.
π Virtual Asset User Protection Bill timeline
Final approval is expected on May 25, following a review by the Legislation and Judiciary Committee.
Source(KR): CoinDesk Korea