South Korea expands phishing refund rules to crypto exchanges under 84 new laws

Starting this month, payment suspensions and refund procedures will be allowed for voice-phishing losses involving virtual assets, while food delivery app operators must also inform merchants on their platforms about country-of-origin labeling rules. South Korea’s Ministry of Government Legislation said on Oct. 1 that a total of 84 laws and regulations took effect this month, according to News1. A special law on preventing telecommunications financial fraud and refunding victim assets, which took effect today, expanded its scope from financial companies to cryptocurrency exchanges, creating a legal basis for related refunds.