South Korean crypto criminals face life imprisonment
Criminals that make more than 5 billion won, or $3.8 million, in illegal crypto profits are facing life sentences in South Korea.
The government of South Korea has issued a new update to the Virtual Asset Users Protection Act,with cryptocurrency-focused regulations which aim to protect investors from market crimes, issuing a
On Feb. 7, The Financial Services Commission (FSC), South Korea’s top financial regulator, issued an announcement about the implementation of a law that seeks to protect the rights of crypto investors and promote transparency.
South Korea’s new crypto law puts a straightforward ban on the use of “undisclosed important information” about crypto, market manipulation and illegal trading. The legislation imposes major criminal punishment measures and fines for violations, including fixed-term imprisonment of more than one year or a fine equivalent to three to five times the amount of illegal profits.
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