South Korea's Financial Services Commission: The "Virtual Asset Act" is expected to be formally implemented in July 2024.

According to BlockBeats news on June 30th, after the South Korean National Assembly passed the Virtual Asset Act, which aims to protect virtual asset users, the Financial Services Commission (FSC) of South Korea stated that the law is expected to be implemented in July 2024. The Virtual Asset Act in South Korea mainly includes "protection of virtual asset user assets," "regulation of unfair trading practices in the virtual asset market," and "supervision and sanctioning authority of financial authorities over the virtual asset market and operators." Additionally, the FSC is preparing for the second stage of legislation for virtual assets and will actively negotiate with relevant agencies such as the Ministry of Strategy and Finance, Ministry of Science and ICT, Ministry of Justice, Ministry of Administration and Security, prosecution, police department, Bank of Korea, and Financial Supervisory Service to promote various measures to establish market discipline before the law is implemented.