After a period of stagnation, the virtual asset market is once again heating up as the price of bitcoin and other virtual assets have increased significantly in the second half of last year, and the U.S. Securities and Exchange Commission (SEC) approved a bitcoin spot exchange-traded fund (ETF) in January 2024.

With the Virtual Asset User Protection Act set to take effect on July 19, 2024, we will examine the status of preparations for enforcement of the Act and share our thoughts on how the implementation of the new regulatory system will change the virtual asset market from a regulatory perspective.