South Korea's Digital Asset Protection Foundation began accepting deposits from crypto service providers that have ceased operations.
Foundation's Initiative
This initiative aims to protect the rights and interests of digital asset users. The foundation's chairman, Kim Jae-jin, explained that the foundation will aid digital asset exchanges in fulfilling their obligations to users during closures.
Details on Received Deposits
The foundation announced it has received deposits from five operators: Apro Korea, Ten & Ten, Hanbitco, Qbit, and Pay Protocol AG.
Future Plans
The foundation plans to finalize negotiations with eight terminating operators by the end of the year. These operators will transfer customer won deposits, meeting the foundation's requirements. This procedure will precede the implementation of the real-name verification deposit and withdrawal system.
The foundation's initiative marks a significant step in protecting digital asset users in South Korea and ensuring customer rights.
