The Korean Federation of Banks has formulated the "Guidelines for the Operation of Real Name Virtual Asset Accounts": trading platforms are required to reserve at least 3 billion Korean won in reserves.

According to BlockBeats news on July 27th, the Korea Federation of Banks has negotiated with official financial institutions and virtual asset trading platforms to develop the "Guidelines for Operating Real-Name Accounts for Virtual Assets". The guidelines require virtual asset trading platforms to fulfill their compensation responsibilities for user damages (such as hacker attacks and computer malfunctions) and reserve at least 3 billion Korean won in reserves to protect virtual asset users and strengthen anti-money laundering activities. In addition, the banks plan to implement enhanced customer authentication procedures for real-name account users on an annual basis, including additional authentication requirements for receiving and transferring funds, as well as restrictions on receiving and transferring funds for accounts that have been inactive for a long time. The plan is to differentiate user accounts into limited and normal accounts and limit their deposit and withdrawal amounts. Additionally, the banks have established anti-money laundering standards and procedures related to real-name authentication. To implement virtual asset trading platform user protection measures as soon as possible, the reserve system will be implemented from early September.