South Korean regulators plan to toughen cryptocurrency fraud penalties. The prepared legislation is expected to enter into force in 2023.
In the news made by the South Korean local press, Financial Services Commission (FSC) and National Assemblyto cryptocurrency scammers harsh sanctions It has been suggested that they plan to bring According to the report, financial authorities are using unfair trading practices such as price manipulation and fraud. to watch and punish He started working to pass a new draft law.
last spring terra (LUNASouth Korean lawmakers, acting in the aftermath of the ) collapse, are planning to speed up legislation by aiming to protect digital currency investors and tightening penalties for unfair trading actions in the industry. The bill in question is the upcoming Digital Asset Basic Lawseparately from 2023may enter into force.
Speaking to the press about the bill, a member of the National Assembly made the following statements:
Because the Securities and Exchange Commission (SEC) has a wide range of powers in the US, it can penalize unfair trading in virtual assets without separate legislation. But in South Korea, relevant legislation is absolutely necessary.
Although there is no detailed detail about what kind of penalties for which abuses the draft, which is in the planning stage, will bring, the law does not include supervision and punishment. on a similar level to the traditional financial industry It is expected to be designed to synchronize.