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Coin exchanges to pay interest on deposits beginning in July 2024

Collected: 2023.12.11

Distributed: 2023.12.12

Source: Go Direct

[Photo by Kim Ho-young]

Coin investors will now be able to earn interest on their deposits held on cryptocurrency exchanges from July 2024, and non-fungible tokens (NFTs) will no longer be categorized as virtual assets.

The Financial Services Commission on Sunday announced the proposed enforcement decree and supervisory regulations in the Act on the Protection of Virtual Asset Users, which will be enforced on July 19, 2024.

Under the new rules, crypto exchanges will be required to separate customer deposits from their own assets and deposit or trust them with banks, who can invest the deposits in safe assets such as government and local bonds.

Cryptocurrency exchanges must pay fees for the use of deposits to users, and can earn a profit on the deposits while coin investors can earn interest income.

There are also provisions that hold exchanges responsible for incidents such as hacking and computing failures.

By Chae Jong-won and Choi Jieun

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