The South Korean State Council has passed the enforcement decree of the "Virtual Asset User Protection Act," which will take effect on July 19

ChainCatcher news, according to the Economic Pioneer, the South Korean State Council today passed the enforcement order of the "Virtual Asset User Protection Act," which will take effect on July 19. The decree stipulates that virtual asset service providers (VASP) must secure user deposits through banks.

In addition, VASP has the right to suspend users' cash deposits as well as deposits and withdrawals of virtual assets based on reasonable grounds specified in the decree.