Up to Life Imprisonment in Store for Perpetrators of Crypto Crimes, According to New Rules From Korea Government

Breaking crypto laws in South Korea could soon come with a steep punishment.

The country’s new “Virtual Asset User Protection Act,” which is primed to come into effect in July, prohibits crypto market manipulation, certain types of trading and the use of undisclosed important information regarding digital assets.

Buy physical gold and silver online

Violating those regulations and earning an illegal profit of more than five billion won (roughly $3.76 million) could result in a sentence of life imprisonment, according to South Korea’s Financial Services Commission (FSC). The government can also assess a fine that’s equivalent to three to five times the amount of unjust enrichment earned from the violation.

The law also stipulates that the FSC has the right to supervise and sanction crypto businesses. A draft of the regulations stated that crypto business operators like exchanges should store at least 80% of the value of their users’ crypto assets in cold storage, away from the internet.

Lee Bok-hyun, head of South Korea’s Financial Supervisory Service (FSS), announced earlier this month that he plans to travel to the US in the second quarter of the year to talk to Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), about the impact of the SEC’s crypto policies on the world, according to a report from The Korea Economic Daily.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Up to Life Imprisonment in Store for Perpetrators of Crypto Crimes, According to New Rules From Korea Government appeared first on The Daily Hodl.

About the author

Why invest in physical gold and silver?
文 » A