Crypto Fund Recovery in South Korea Marks New User Protection Step
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- Digital Asset Protection Foundation is receiving deposits from failed operators.
- The Foundation aims to protect the rights and interests of digital asset users.
- Deposits received from Apro Korea, Ten & Ten, Hanbitco, Qbit, and Pay Protocol AG.
South Korea’s Digital Asset Protection Foundation is now accepting deposits from crypto service providers that have shut down. The foundation recently announced that it has received deposits from five operators: Apro Korea, Ten & Ten, Hanbitco, Qbit, and Pay Protocol AG.
The foundation’s chairman, Kim Jae-jin, explained that this initiative aims to protect the rights and interests of digital asset users. He stated that the foundation will help digital asset exchanges meet their obligations to users when they close down.
In the meantime, the Foundation plans to finalize negotiations with up to eight terminating digital asset operators before the end of this year. Any operator satisfying the Foundation’s requirements will transfer customers’ won deposits it received. That process would precede the implementation of the real-name verification deposit and withdrawal system, which the firms would also transfer to the Fo…
The post Crypto Fund Recovery in South Korea Marks New User Protection Step appeared first on Coin Edition.
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