South Korea will soon implement the cryptocurrency law, which includes life imprisonment.
South Korea Financial Services Commission (FSC) Wednesday, February 7 In his statement on today, he said that the law that provides up to life imprisonment for people who engage in illegal cryptocurrency activities on July 19 stated that it will come into force. Some of the rules in question will come into force at the specified date and the law will be comprehensively completed in the future.
Fundamentally, the law will aim to prevent market manipulation, illegal transactions and abuse of confidential user information.
According to the country’s new cryptocurrency law, those prosecuted for cryptocurrency crimes at least 1 year in prison While it is foreseen that he will be punished for such an activity, $3.76 million People who earn on for life There will be a possibility of imprisonment. The law in question, named “Cryptocurrency User Protection Law”, was adopted in July 2023.
In addition to all these criminal practices, the cryptocurrency law also requires cryptocurrency service providers to enforce deposits to protect user funds. more than 80% to keep them in cold wallets and for potential user compensation in case of bad scenarios. enroll in insurance programs will stipulate.