South Korea's new encryption law is coming soon! Bithumb Emergency User Terms of Use

This site (120btC.coM): The Korean encryption industry is in great turmoil! In the cryptocurrency market, South Korea is a well-known country for currency speculation. Data shows that in the first quarter of 2024, the Korean won was the most active cryptocurrency trading currency in the world, even surpassing the U.S. dollar. In view of this, South Korean virtual assets The regulatory agencies have also begun to take new regulatory actions in the near future.

Korea’s new encryption law is about to take effect

It is understood that South Korea’s “Virtual Asset User Protection Act” will officially take effect on July 19, aiming to protect the rights and interests of virtual asset users and establish a healthy market order. This law The implementation of the new law marks an important step taken by the Korean government in regulating the virtual asset market. As a cryptocurrency market with a leading trading volume, the focus and subsequent impact of the implementation of the new law have also attracted great attention from global regulatory agencies. The direction is as follows:

• Asset exclusion: CBDC is not within the scope of virtual assets

• Fund separation: User deposits are separated from operator property

• Fund security: Cold wallet storage and insurance protection

• Market fairness: Prevent Unfair trading practices

• Transparency in transactions: monitor abnormal transactions and notify regulatory authorities

The exchange made a major move to modify the terms of use

In response, DAXA, an alliance of South Korea’s five largest cryptocurrency exchanges, followed up on the new law in advance, in July Announced on the 2nd, it launched a six-month re-evaluation plan for 1,333 digital assets. This plan is designed to cooperate with the implementation of the "Virtual Asset User Protection Act" and formulate the "Virtual Asset Transaction Support Self-Discipline Management", which will be held in July The law was officially implemented on domestic exchanges on the 19th.

For more than 1,333 virtual assets, DAXA stated that the exchange will conduct a re-examination of virtual assets in the next 6 months. The formulation of this self-regulatory management was based on the requirements of regulatory agencies such as the Financial Services Commission and the Financial Supervisory Service, and gathered the opinions of experts.

Today (10th), Bithumb, South Korea’s second largest exchange, posted an announcement stating that in order to comply with South Korea’s upcoming “Virtual Asset User Protection Act”, Bithumb will modify its terms of use. For the first time, Bithumb will refine virtual assets. , profit, abnormal transactions and other concepts to more accurately reflect the requirements of relevant laws. Secondly, Bithumb will modify the service type according to the actual situation and add laws and regulations as the basis for the right to use the service.

Bithumb urgently revise user terms

It is conceivable that Bithumb will also add the "Virtual Asset User Protection Act" as the legal basis for modifying the terms. This will ensure that the platform’s terms of use are consistent with the latest legal requirements. Finally, Bithumb will formulate new deposit-related regulations in accordance with the implementation of the Virtual Asset User Protection Act. The new law is about to be implemented. It is worth paying attention to how Korean exchanges will adjust in the future.

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