South Korea to allow recovery of crypto lost in voice phishing scams

Starting this October, victims of voice phishing in South Korea will be able to recover stolen virtual assets, Edaily reported. On July 15, the country's Financial Services Commission announced a proposed amendment to the Enforcement Decree of the Special Act on Prevention of Damage from Telecommunications-based Financial Fraud and Refund of Damage Amount. The proposal follows a revision to the law in March that expanded the definition of recoverable assets from only money to include virtual assets. According to the amendment, the method of restitution will vary by asset type. Monetary losses will be refunded in cash, while virtual assets will be returned in their original form and quantity. For instance, stolen Bitcoin will, in principle, be returned as Bitcoin.