South Korea’s crypto law, the Virtual Asset User Protection Act (VAUPA), has come into effect
5 months ago

South Korea’s crypto law, the Virtual Asset User Protection Act (VAUPA), has come into effect

The Hindu  

South Korea’s new cryptocurrency law, the Virtual Asset User Protection Act, took effect from July 19 as the country’s Financial Services Commission stressed on the need for virtual asset service providers to safeguard customer funds and comply with national regulations. The Virtual Asset User Protection Act was enacted on July 18, 2023 and financial institutions covered under it were given time to put in place compliance measures. The Act on the Protection of Virtual Asset Users focuses on protecting user assets, regulating unfair trading activities, and giving financial regulators the powers they need to investigate financial institutions dealing in virtual assets. “The FSC expects that the implementation of the Virtual Asset User Protection Act will establish a foundation to provide safe protection for users.

Protection South Korea User Act Virtual Asset  effect  vaupa  south  come  virtual  act  users  protection  services  crypto  asset  koreas  user  law  financial

History of this topic

Virtual digital assets: Lessons from global trends in regulation
1 year, 3 months ago

Virtual digital assets: Lessons from global trends in regulation

Live Mint  

Leading international organizations have recently produced policy notes on crypto-assets, also known as virtual digital assets as per the Finance Act of 2022. Given BIS's considerable influence, its observations are expected to significantly impact upcoming G20 discussions on virtual digital assets. BIS has outlined three high-level policy options concerning virtual digital assets in its recent paper: 1) an outright ban, …

Virtual digital assets, India’s stand and the way ahead
1 year, 7 months ago

Virtual digital assets, India’s stand and the way ahead

The Hindu  

Rulemaking is an arduous task. A prominent, and far-reaching, update has been India’s recent notification extending the anti-money laundering provisions to virtual digital assets businesses and service providers. On March 7, the Union Finance Ministry, in a gazette notification, extended these activities under the Prevention of Money Laundering Act Act of 2002: exchange between virtual digital assets and fiat currencies; …

Centre Brings Crypto Transactions Under Money Laundering Laws
1 year, 9 months ago

Centre Brings Crypto Transactions Under Money Laundering Laws

News 18  

The Central government, in a new regulatory move, has bought a range of virtual digital asset transactions, including cryptocurrencies, under the ambit of the Prevention of Money Laundering Act 2002. Virtual digital assets are defined as any code or number or token generated through cryptographic means with the promise or representation of having inherent value. “Exchange between virtual digital assets …

Money laundering law to apply to crypto trade: Finance Ministry
1 year, 9 months ago

Money laundering law to apply to crypto trade: Finance Ministry

The Hindu  

The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. The notification said, “Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual …

Money laundering laws will now cover cryptocurrency trade
1 year, 9 months ago

Money laundering laws will now cover cryptocurrency trade

The Hindu  

The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. The notification said, "Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual …

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