South Korea's FSC sets July 19, 2024, as the start date for the new Virtual Asset User Protection Law to regulate cryptocurrencies.

The law mandates virtual asset operators to keep at least 80% of their assets in cold storage to protect users' investments.

Strict penalties for market manipulation and fraud include fines and life imprisonment for offenses involving over 50 billion won.

The legislation encourages cooperation with law enforcement and provides a monthly compliance roadmap for digital asset service providers.

New draft regulations require crypto companies to report transaction details to the financial regulator, enhancing market transparency and accountability.