Recently, a consortium of leading cryptocurrency exchanges in South Korea, including Upbit, Bithumb, Coinone, Korbit, and Gopax, introduced a system designed to notify users about price volatility and fluctuations in cryptocurrency prices.
This initiative aims to provide users with timely information and alerts about the dynamic nature of the cryptocurrency market, helping them make informed decisions and manage their investments effectively.
The newly deployed system will send messages to users in various situations, and these messages will be triggered when the prices of cryptocurrencies experience significant increases or decreases within the previous 24 hours.
Recently, the National Assembly of South Korea passed a law aimed at establishing a legal framework for cryptocurrency regulations. Under the new law, Virtual Asset Service Providers (VASPs) are required to implement certain measures.
These measures include segregating user funds from exchange funds and the obligation to provide deposit insurance for customer deposits. This is aimed at enhancing security and protecting user funds within the cryptocurrency ecosystem.
Another noteworthy development is the upcoming implementation of the Virtual Asset Consumer Protection Act, which will enforce additional regulations. Under this Act, VASPs will be required to store virtual assets in cold wallets, ensuring higher security against hacking or theft risks. They will also need to maintain comprehensive records of all transactions for transparency and regulatory purposes.