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South Korea's Financial Services Commission (FSC) has reported its first case of unfair trading under the Virtual Asset User Protection Act, which came into effect in July 2024 and requires local virtual asset service providers (VASPs) to report unusual trading and investigate unfair trading patterns. According to the FSC, the suspect used a "pump and dump" technique to manipulate the market, artificially inflating the price of a cryptocurrency by initiating multiple payers, and then selling a l...
Since the implementation of the Virtual Asset User Protection Act on July 19, the number of cryptocurrencies listed on four exchanges, Upbit, Bithumb, Coinone and GoPax, has dropped to 11 (including duplicates). The total number of cryptocurrencies listed on these exchanges this year is 188, an average of 24.5 per month, but this number has been reduced by more than half.
With the implementation of the Virtual Asset User Protection Act, South Korean crypto exchange Gopax has signed up for business liability insurance for virtual assets from Samsung Fire. The product covers accidents such as hacking attacks. According to the Virtual Asset User Protection Act, exchanges must store more than 80% of their coins in cold wallets. For cases where the value of virtual assets stored in hot wallets connected to the Internet exceeds 5%, insurance must be registered or a por...
"Foresight" magazine recently released the results of the "Taiwan Virtual Asset Use Behavior Survey", which surveyed users who "invested in or held virtual assets for more than 6 months" and "had more than 2 exchange accounts". The survey period was from May 7 to June 11, 2024, and a total of 1,080 valid samples were recovered. The investigation found that the...
The South Korean cabinet on Friday approved the "Virtual Asset User Protection Law Implementation Order", which stipulates the specific content of the "Virtual Asset User Protection Law". The law, which will take effect on July 19, aims to protect users of virtual assets and establish a healthy market order. The law defines the definition of virtual assets and the objects of exclusion of virtual assets, and stipulates virtual assets.
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