The Financial Services Commission announced that the Act on the Protection of Virtual Asset Users, which intends to establish a "sound order in the virtual asset market and ensure protection for users", will take effect from 19 July 2024.
The Act contains provisions "(a) protecting users’ deposits and virtual assets, (b) regulating unfair trading activities, such as price manipulation, (c) authorizing the financial regulators to supervise, inspect, and sanction VASPs, and to investigate and take appropriate actions against those engaging in unfair trading activities."