Odaily News The South Korean State Council passed the "Virtual Asset User Protection Act" executive order, which will take effect on July 19. The decree aims to protect virtual asset users and regulate the order of the virtual asset market. According to the new law, virtual asset service providers (VASPs) must protect user deposits through banks and isolate users' virtual assets from the Internet to prevent risks such as hacker attacks. In addition, the Financial Services Commission will establish a Virtual Asset Committee to provide policy and regulatory advice on the cryptocurrency market. The new law also stipulates criminal penalties and fines for unfair trading practices such as the use of undisclosed important information and market manipulation. Virtual asset service providers have the right to stop users' cash and virtual asset deposits and withdrawals under reasonable circumstances. (Economic Herald)