The details of enforcing the Protection of Virtual Asset Users Act are not contained in the bill, which comes into force July 19.
The South Korean government has approved a decree on the enforcement of the Act on the Protection of Virtual Asset Users (PVAU). The two laws will come into force simultaneously on July 19.
The Enforcement Decree prescribes the methods and procedures the Financial Services Commission (FSC) will use to ensure the PVAU is effective. They are sometimes active steps and sometimes oversight of procedures carried out in accordance with the PVAU.
The FSC will organize a committee of government officials and private sector experts to develop a policy on virtual assets that are regulated under legislation other than the PVAU or “deemed to pose no harm to users.”