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South Korean regulators aim to toughen crypto fraud punishments

Published 11/01/2022, 05:55 AM
Updated 11/02/2022, 09:00 AM
South Korean regulators aim to toughen crypto fraud punishments

South Korean regulators aim to toughen crypto fraud punishments

In the aftermath of the Terra collapse last spring, South Korean legislators intend to ramp up legislation, putting specific emphasis on the protection of investors in virtual assets — i.e. digital currencies — and harshening penalties for unfair trade acts in the industry.

According to local media, the Financial Services Commission (FSC) and the National Assembly are working to pass a bill that would enable financial authorities to monitor and punish unfair trade practices such as the use of undisclosed information, price manipulation and fraud while supervising crypto exchanges.

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Latest comments

This step would be helpful for both small and large crypto investors. The prevalence of crypto frauds have been increasing and it’s good that there are laws coming up to safeguard the rights of the users.
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