South Korean Lawmaker Proposes Amendment To Protect Crypto Investors

According to PANews, South Korean Democratic Party lawmaker Park Sang-hyuk has proposed an amendment to the Virtual Asset User Protection Act. This amendment aims to safeguard investors' cryptocurrencies in the event of an exchange bankruptcy. The proposed changes would prevent virtual assets from being used to settle debts or being confiscated, ensuring that these assets are prioritized for return to users. The current law has faced criticism for potentially leaving users unable to recover their cryptocurrencies if an exchange goes bankrupt.