South Korea’s New Crypto User Protection Regulations Come into ForceSouth Korea’s so-called “Virtual Asset User Protection Act” came into force on July 19 with a set of new regulations governing crypto user protection. Virtual asset service providers have now been asked to implement a few measures to protect users’ crypto assets, according to a July 17 statement by the Financial Services Commission.Key measures include purchasing insurance to protect customers against hacking and malicious attacks, ensuring that customers’ crypto assets are segregated from those of the exchange itself, and ensuring that customer deposits are securely held in banks. In front of AML, VASPs shall have strict anti-money laundering measures, and alert the regulator in case of suspicious transactions.”VASPs should always monitor suspicious transactions and report suspicions regarding trading activities promptly to the Financial Supervisory Service,” added the FSC, saying that violations could be punishable by criminal penalties or financial surcharges after investigation. Though protectively intended, crypto exchanges from South Korea voiced their concerns about possible mass delistings. As reported by Cointelegraph on July 3, 20 exchanges will review 1,333 cryptocurrencies for half a year. The Digital Asset Exchange Alliance, however, does not think so.In a related development, the ruling People’s Power Party has recommended that imposing taxes on crypto trading profits should be delayed, given the deteriorating sentiment toward crypto assets. According to a proposal on July 12, rapid imposition of tax is “not advisable at this time.”