South Korea is set to roll out a fresh legislation aimed at safeguarding virtual asset users by July 19, as reported by The Korea Times. The new law will bring in strict penalties and fines for any breaches. Those found guilty may be subject to imprisonment for over a year or fines equaling three to five times the illicit gains acquired. Furthermore, all 29 approved crypto exchanges must scrutinize more than 600 crypto tokens currently listed on their platforms. The main objective of this law is to guarantee that only tokens that meet regulatory standards and ensure security are permitted for trading in South Korea.