Odaily News South Korea's first cryptocurrency regulatory framework is now in full effect, with a focus on ensuring the safety of cryptocurrency investors. The new law, the Virtual Asset User Protection Act, was officially approved on July 18 and was given a one-year grace period to refine regulatory details. The bill imposes stricter requirements on digital asset exchanges, including that service providers in South Korea are now legally obligated to store at least 80% of user cryptocurrency deposits in cold wallets separate from their own funds. Exchanges must also entrust users' cash deposits to local licensed banks for safekeeping and maintain cryptocurrency reserves equal to the amount and type of customer deposits. In addition, crypto services in South Korea must now take out adequate insurance or establish reserve funds to deal with hacker attacks or liquidity crises. (The Block)