South Korea is set to implement the virtual asset user protection law, which will come into force by July 19.
The South Korean regulatory body Financial Service Commission (FSC) notified 29 registered crypto exchanges, including Upbit, Bithumb, Coinone, Korbit and Gopax, to regularly evaluate the listed tokens and whether to support their trading.
According to a report published in the Korean Times, South Korea is set to implement the virtual asset user protection law, which will come into force by July 19.
The new law imposes significant criminal punishments and fines for violations. This includes a fixed-term jail sentence of more than one year or a fine of three to five times the amount of illegal profits. Under the new law, all 29 registered crypto exchanges must review the 600 crypto tokens listed on them.