South Korea’s ‘Korean Digital Asset Protection Foundation’ announced that it has officially begun operations and taken over the digital assets of about 40,000 users from five shut crypto trading platforms, including Apro Korea, Ten and Ten, Hanbitco, Qbit, Pay Protocol, and AG.
South Korea’s Crypto Foundation Takes Over Assets:
According to local media reports, the foundation aims to finalize the transfer of user assets from up to eight closed companies by the end of this year.
Additionally, the foundation will manage approximately 200 million won in user deposits from seven companies, including Apro Korea, Qbit, Porisdax Korea Limited, Pobble Gate, Prabang, Peertech, and Korea Digital Exchange. These deposits originate from Korean won assets held prior to the 2021 revision of the Specific Financial Information Act.
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Moreover, the foundation will also handle customer won deposits stored by non-won exchanges before the implementation of the real-name verification deposit and withdrawal system. Virtual assets and deposits transferred to the foundation will be returned to users after they apply and complete the identity verification process.
The foundation is temporarily accepting asset inquiries and return applications via email and plans to provide services through its website starting January 2025.
Kim Jae-jin, chairman of the crypto foundation, stated, “To protect the genuine rights and interests of digital asset users, we will support exchanges in fulfilling their obligations to protect users and assist in the stable termination of business for companies ceasing operations.”
Also Read: South Korea’s Political Crisis Boosts Crypto Trading volume, US stocks
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