South Korean crypto exchange Gopax signs virtual asset commercial liability insurance
Following the implementation of the "Virtual Asset User Protection Act," South Korean cryptocurrency exchange Gopax has signed a virtual asset commercial liability insurance policy with Samsung Fire Marine Insurance, which covers accidental incidents such as hacker attacks. Under the "Virtual Asset User Protection Act," exchanges are required to store more than 80% of their coins in cold wallets. For cases where the value of virtual assets stored in hot wallets connected to the internet exceeds 5%, insurance must be registered or a portion of retained earnings must be set aside as a reserve.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Scoop: Bad macro, bad flows, bad price
Macro trends took center stage today, driving the market up earlier in the session before pulling it back down.This column is adapted from The Scoop newsletter.
Celestia unveils roadmap to 1-gigabyte blocks
Uniswap Fined $1.75K as CFTC Ramps up Activity Over DeFi Trading Rule Breaches