Criminals that make more than 5 billion won ($3.8 million) in illegal crypto profits are facing life sentences in South Korea.
The South Korean government has issued a new update to the Virtual Asset Users Protection Act with cryptocurrency-focused regulations that aim to protect investors from market crimes.
On Feb. 7, The Financial Services Commission (FSC) — South Korea’s top financial regulator — announced the new law that seeks to protect the rights of crypto investors and promote transparency.
South Korea’s new crypto law prohibits 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 an acceptable fine of three to five times the amount of illegal profits.
