South Korea's Cabinet approves the "Virtual Asset User Protection Act Implementation Order", which will take effect on July 19

The South Korean Cabinet approved the "Virtual Asset User Protection Act Enforcement Decree" on Friday, which stipulates the specific content of the "Virtual Asset User Protection Act". The law will take effect on July 19th, and its promulgation aims to protect virtual asset users and establish a healthy market order. The law defines the definition of virtual assets and the exclusion of objects, and stipulates the obligation of virtual asset operators to securely store and manage user deposits and virtual assets. The bill also provides criminal and fine sanctions for unfair trade practices related to virtual assets, including the use of undisclosed important information and manipulation of market prices. Based on these contents, the bill stipulates the details of legal authorization, including the definition of virtual assets, the establishment of a virtual asset 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.