South Korea Enacts First Crypto Investor Protection Law, Bolstering Existing Rules

Quick Summary:

South korea's Virtual Asset User Protection Act aims to target unfair trading practices following incidents of bygone years.

To combat unfair trading practices, the law mandates that crypto exchanges monitor and report abnormal transactions.

Under the law, crypto exchange operators must deposit users' funds in financial institutions, such as banks, to protect them in the event of bankruptcy.

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Article Details

Author / Journalist: Sebastian Sinclair

Category: Crypto

Markets: EstoniaSouth Korea

Topics: Terra-luna-2 Law and Order

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-19 @ 06:42:01 (17 hours ago)

News Timezone: GMT +8:00

News Source URL: decrypt.co

Language: English

Article Length: 657 words

Reading Time: 4 minutes read

Sentences: 27 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Decrypt

News ID: 21683649

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About Decrypt

Main Topics: Crypto

Official Website: decrypt.co

Update Frequency: 2 posts per day

Year Established: 2018

Headquarters: Estonia

News Last Updated: 22 hours ago

Coverage Areas: Estonia

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #63

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