South Korea Implements Enhanced Withdrawal Delay System for Virtual Assets

South Korea's Financial Services Commission (FSC) and Financial Supervisory Service (FSS) have announced the implementation of an enhanced withdrawal delay system in collaboration with the Digital Asset Exchange Association (DAXA) and various virtual asset exchanges. According to Foresight News, the authorities have strengthened the criteria for withdrawal delay exceptions and established unified internal standards. The new system aims to prevent telecommunication fraud by restricting certain groups, such as new users, from withdrawing virtual assets within a specified period. Previously, the lack of clear benchmarks and inconsistent standards across exchanges allowed criminals to exploit these loopholes. Statistics indicate that from June to September last year, 59% of fraud accounts at virtual asset exchanges were classified as 'exception accounts' under the withdrawal delay system.