New law authorizes power to impose penalties and liability for damages caused by unfair crypto trading practicesConnect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.South Korean lawmakers have passed a crypto bill for imposing liability for damages and enforcing penalties in cases of unfair trading of virtual assets.
The Virtual Asset User Protection legislation outlines penalties for transgressions, such as the use of nonpublic information, market manipulation, and unfair trading practices., the Financial Services Commission, and The Bank of Korea the power to oversee crypto operators as well as asset custodians. A list of compliance requirements is outlined, such as insurance coverage, reserve funds, and the necessity of detailed record keeping.
The legislation applies rules detailed in the nation's 'Capital Market and Financial Investment Business Act' to tokens deemed securities. According to, violation of the new legislation is subject to imprisonment for a term not exceeding one year. The law also authorizes the power to impose fines of not less than three times but not more than five times the amount of profits gained from unfair trade.
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Source: CoinDesk - 🏆 291. / 63 Read more »