South Korea: From July, illegal virtual asset trading is prohibited, with violators facing up to life imprisonment

2024-02-07 13:45:09

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ChainCatcher news, according to Yonhap News Agency, the South Korean Financial Services Commission stated today that prior to the implementation of the "Virtual Asset User Protection Act" on July 19, a legislative notice for this law and the "Virtual Asset Industry Regulatory Guidelines" was issued on the 22nd of last month.

According to the enforcement regulations and supervisory provisions, market manipulation, illegal trading, and trading based on undisclosed significant information related to virtual assets are prohibited. Violators may face criminal penalties of more than one year of imprisonment or fines ranging from three to five times the illegal gains. If the amount of improper benefits exceeds 5 billion won, the maximum penalty can be life imprisonment, along with a fine of twice the amount of improper benefits.

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