What Act on the Protection of Virtual Asset Users (Act No. 19563) requires
South Korea's Act on the Protection of Virtual Asset Users (Act No. 19563) imposes core user-protection duties on virtual asset service providers. Article 6 requires segregation of users' deposits by depositing or entrusting them to a reputable institution prescribed by Presidential Decree, Article 7 requires keeping users' virtual assets separate from the provider's own and holding a portion offline (cold storage), and Article 8 requires insurance, mutual-aid enrolment or reserves to cover incidents such as hacking. Article 10 prohibits unfair trade practices including misuse of material non-public information and price manipulation, and Article 12 requires market operators to continuously monitor abnormal transactions and report suspected Article 10 violations to regulators without delay.
Pillar: Crypto & Sovereign Finance · Authority: Republic of Korea, Financial Services Commission (Act enacted by the National Assembly) · Version: 1.0.0 · Last updated:
Primary source: https://elaw.klri.re.kr/eng_mobile/viewer.do?hseq=63752&key=23&type=part
SHA-256 integrity: c1a36b757491327d7e68372fe1d0dcf0c8a5995125d5c891cc085dad8548f7e4
Primary Citations — 7 traced to source
- Act on the Protection of Virtual Asset Users (Act No. 19563), Article 6 (Protection of users' deposits)
- Act on the Protection of Virtual Asset Users (Act No. 19563), Article 7 (Safekeeping of virtual assets, including offline custody)
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