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Coin Circle (120BTc.cOM) News: South Korea's largest Upbit announced late yesterday (4) that from January 1, 2024, the deposit and withdrawal limits of South Korea's pure Internet Kbank account will be changed in accordance with the "Virtual Asset Real-Name Account Operation Guide" formulated by the Banking Federation.

Affected by this, if users fail to complete bank customer verification at that time, they will even be restricted from making deposits and withdrawals in Korean won on Upbit.

Deposit and withdrawal limits have been reduced

According to official explanations, the current limit is 10 million won per deposit per account per day, and the limit will be reduced to 5 million won after the change.

At the same time, Upbit emphasized that according to the "Specified Financial Information Act", if a customer refuses to provide verification information or cannot use the submitted information for verification, his deposit and withdrawal rights will be restricted or even terminated, so he needs to go to Kbank for verification in advance.

South Korea establishes a virtual asset supervision and investigation bureau

We know that in the cryptocurrency market, South Korea can definitely be called one of the "cryptocurrency-crazy countries." However, after several cryptocurrency custody platforms have collapsed in recent months, the South Korean government has continued to strengthen its regulation of cryptocurrencies.

For example, the South Korean National Assembly passed the Virtual Asset User Protection Act in July this year to strengthen investor protection. The law integrates 19 crypto-asset-related bills, defines digital assets, and imposes penalties for illegal acts such as the use of non-public information, market manipulation, and unfair trading. The law is expected to take effect in July 2024.

At the same time, in order to establish market order, the South Korean government has taken positive measures, especially seeing the substantial growth of the virtual asset market. The Financial Supervisory Service of South Korea announced on November 29 that it would establish the "Virtual Asset Regulatory Bureau" and the "Virtual Asset Investigation Bureau".

Among them, the Virtual Asset Regulatory Bureau will be responsible for the overall management of the virtual asset field, including the supervision of virtual asset business operators, supervision and inspection, market monitoring and improvement of systems; the Virtual Asset Investigation Bureau will be a department that focuses on investigating unfair transactions and other behaviors, and is specifically focused on combating market disruptions. Preventing market disorder caused by unfair transactions and preventing users from being harmed is its core task.