TechFlow reports that the Korea Financial Services Commission has announced new regulations stating that, starting July 2024, digital asset investors must earn interest on funds deposited with exchanges; however, non-fungible tokens (NFTs) and central bank digital currencies (CBDCs) are exempt from this rule.
The regulator also requires exchanges to separate customer deposits from their own assets and place them under bank custody, with 80% of the crypto assets stored in cold wallets.
In addition, virtual asset service providers are required to purchase insurance or maintain reserve funds, and are prohibited from blocking deposits or withdrawals without proper justification.
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