Odaily News South Koreas Financial Services Commission (FSC) has issued a legislative notice on the formulation of the Virtual Asset User Protection Act Implementation Regulations and the Virtual Asset Industry Supervision Regulations, stipulating the details of legal authorization, including: 1. Added the inapplicability of The objects of the Virtual Asset User Protection Law, such as deposit tokens linked to CBDC and NFT; 2. Clarify the user deposit management organization and operation methods; 3. 80% of user virtual assets need to be stored in cold wallets; 4. Formulate Participate in mutual insurance or accumulate reserve standards, and implement liability for accidents such as hackers and computer failures; 5. Based on the characteristics of the virtual asset market, define the possible time points for leakage of undisclosed important information and insider trading; 6. In principle, it is prohibited to freeze user virtual assets arbitrarily Deposits and withdrawals, exceptions are allowed to freeze deposits and withdrawals; 7. Implement abnormal transaction monitoring obligations for virtual asset exchanges and establish fine procedures for unfair trading practices. The implementation regulations are expected to be legislatively announced from December 11, 2023 to January 22, 2024, and will be implemented on July 19, 2024 after review by the State Administration of Taxation and other procedures.