ENFORCEMENT DECREE OF THE ACT ON THE PROTECTION OF VIRTUAL ASSET USERS

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Decree is to provide for matters mandated by the Act on the Protection of Virtual Asset Users and matters necessary for the enforcement thereof.

Article 2(Scope of exclusion from virtual assets) #

"Those prescribed by Presidential Decree" in Article 2(1)h of the Act on the Protection of Virtual Asset Users (hereinafter referred to as the "Act") means the following:

1. Electronic bonds under subparagraph 16 of Article 2 of the Electronic Financial Transactions Act;

2. Gift certificates issued by an issuer with a specified amount or quantity of goods or services stated therein, which are stored and used on mobile devices, such as mobile phones;

3. Deposits and electronic certificates equivalent thereto, which are handled in electronic form through the network of the Bank of Korea under the Bank of Korea Act (hereafter in this subparagraph referred to as the “Bank of Korea”) by any of the following persons (referring to a network that issues and manages currency in electronic form issued by the Bank of Korea):

a. A bank under the Banking Act (hereinafter referred to as “bank”);

b. Nonghyup Bank established under the Agricultural Cooperatives Act;

c. The Suhyup Bank under the Fisheries Cooperatives Act;

d. The Industrial Bank of Korea established under the Industrial Bank of Korea Act;

e. Korea Development Bank under the Korea Development Bank Act;

4. Electronic certificates that exist uniquely and are not replaceable with other electronic certificates, such as electronic certificates the primary purpose of which is collection and electronic certificates the sole purpose of which is to confirm transactions between parties to a transaction; provided, this shall not apply to electronic certificates determined and publicly notified by the Financial Services Commission, such as electronic certificates that may be used as a means of payment for specific goods or services;

5. Other things determined and publicly notified by the Financial Services Commission as having no risk of undermining the rights and interests of users.

ENFORCEMENT DECREE OF THE ACT ON THE PROTECTION OF VIRTUAL ASSET USERS

Article 1(Purpose) #

Article 2(Scope of exclusion from virtual assets) #

Article 3(Scope of transfer of virtual assets) #

Article 4(Establishment and composition of Virtual Asset Committee) #

Article 5(Dismissal and removal of members) #

Article 6(Exclusion, challenge, and recusal of members) #

Article 7(Operation of Virtual Asset Committee) #

Article 8(Protection of deposits) #

Article 9(Exceptions to prohibition on transfer of deposits or provision thereof as collateral) #

Article 10(Methods and procedures for priority payment of deposits) #

Article 11(Custody of virtual assets) #

Article 12(Scope of insured events) #

Article 13(Types of virtual asset transaction records) #

Article 14(Retention and destruction of virtual asset transaction records) #

Article 15(Scope of material nonpublic information) #

Article 16(Scope of prohibition on trading in self-issued virtual assets) #

Article 17(Good cause for permitting blockage of deposit or withdrawal of virtual assets) #

Article 18(Scope of abnormal transactions) #

Article 19(Supervision and inspection of virtual asset service providers) #

Article 20(Methods of requesting submission of data regarding unfair trading practices) #

Article 21(Scope of persons subject to corrective orders) #

Article 22(Criteria and procedures for imposing penalty surcharges) #

Article 23(Delegation of authority) #

Article 24(Mutual notification of inspection plans) #

Article 25(Processing of sensitive information and unique identification information) #

Article 26(Re-examination of regulation) #

Article 27(Methods for calculating unjust enrichment) #

Article 28(Criteria for imposition of administrative fines) #