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South Korea Passes Crypto Bill for User Protection
The bill marks the country's first step towards a digital asset legal framework.
Updated Jul 5, 2023, 7:02 p.m. Published Jul 3, 2023, 5:52 a.m.
South Korea's National Assembly passed the Virtual Asset User Protection Act on Friday, marking the country's first step towards building a legal framework for virtual assets.
The legislation, which will take effect next year, is compiled from 19 proposals from lawmakers. It defines digital assets and sets out penalties for unfair transactions. Service providers must segregate user assets, have insurance, hold some reserves in cold wallets and maintain records of all transactions.
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The bill gives the Financial Services Commission authority to oversee and inspect service providers. The Bank of Korea has the right to request data from service providers.
Virtual assets have come under more scrutiny in the country following an investigation into a domestic lawmaker's crypto holdings and last year's collapse of Terraform Labs.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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