New foundation to help investors get back assets

(Yonhap)

A new foundation will be established to provide investors with support so that they are able to receive back assets deposited on cryptocurrency exchanges that have closed operations.

The Financial Services Commission and the Financial Supervisory Service announced on Wednesday that they have approved the establishment of the so-called Digital Asset Protection Foundation, which helps investors get back their deposits from bankrupt exchanges.

Recently, 10 out of 22 cryptocurrency exchanges in Korea have closed down and three more suspended operations.

The majority were unable to resume business or operations, making it difficult for investors to recover their deposits.