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South Korean crypto exchange Gopax signs virtual asset commercial liability insurance

South Korean crypto exchange Gopax signs virtual asset commercial liability insurance

CointimeCointime2024/07/20 08:11
By:Cointime

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.

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