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Feedback invited on decree for South Korea's upcoming crypto law

( December 11, 2023, 06:58 GMT | Official Statement) -- MLex Summary: The South Korean financial regulator has drafted an enforcement decree and administrative notice for the new Cryptocurrency User Protection Act, scheduled to take effect next year. In a statement, the Financial Services Commission announced the start of a feedback period for the draft decree and notice, beginning today and running until Jan. 22. These drafts outline key aspects of the law, including exclusions in virtual assets, guidelines for managing user deposits, cold wallet storage ratios and rules for insurance and reserve funds. They also define criteria for undisclosed use restrictions and set terms for blocking virtual asset transactions, along with procedures for imposing fines and determining illegal profitsThe statement, in Korean, is attached....

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