Odaily News: The Korean Banking Association, financial authorities, and virtual asset exchanges are in discussions to establish the "Guidelines for Operating Real-Name Accounts for Virtual Assets" aimed at enhancing the protection of users and preventing activities such as money laundering.



Under the guidelines, banks require virtual asset exchanges to fulfill their compensation responsibility for damages to users (such as hacking attacks and computer failures) and to maintain a reserve fund of at least 3 billion Korean won.



In addition, banks plan to strengthen the customer authentication process for real-name account users annually, including additional authentication requirements for receiving transfers and restrictions on receiving transfers for accounts that have been inactive for a long period of time. They also plan to differentiate user accounts into limited accounts and normal accounts, with limitations on deposit and withdrawal amounts. Furthermore, they have established anti-money laundering standards and procedures related to real-name authentication.



To expedite the implementation of user protection measures for virtual asset exchanges, the accumulation of reserve funds will begin in early September. Additionally, the development of work procedures and establishment of computer systems will be implemented gradually before March next year. (News1)