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Republic of Korea: Act on Protection of Virtual Asset Users

Progress

Current status
adopted
19 Jul 2024 in force
30 Jun 2023 adopted
11 May 2023 under deliberation

Scope

Implementers
Republic of Korea
Policy Area
Other operating conditions
Policy Instrument
User/subject right
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
legislature
Government Body
parliament
Implementation Level
national

Timeline of events

19 Jul 2024
in force

Implemented Act on Protection of Virtual Asset Users

On 19 July 2024, the Act on Protection of Virtual Asset Users enters into force. The Act applies to all acts affecting Korea, even if carried out abroad, involving virtual assets and virtual asset operators, except in cases expressly provided for in…

Source
Event type law
Action type implementation
Government branch legislature
Government body parliament
30 Jun 2023
adopted

Adopted Virtual Asset User Protection Bill

On 30 June 2023, the National Assembly of Korea adopted the Virtual Asset User Protection Bill including consumer protection regulation. The Law applies to all acts affecting Korea, even if carried out abroad, involving virtual assets and virtual as…

Source
Event type law
Action type adoption
Government branch legislature
Government body parliament
11 May 2023
under deliberation

Introduced Virtual Asset User Protection Bill

On 29 June 2023, the National Assembly of Korea introduced the Virtual Asset User Protection Bill including consumer protection regulation. The Law applies to all acts affecting Korea, even if carried out abroad, involving virtual assets and virtual…

Source
Event type law
Action type introduction
Government branch legislature
Government body parliament