The South Korean government has ushered in an era of stricter regulation for digital assets with its latest Virtual Asset User Protection legislation. The law has been enacted as a response to a series of scandals that rocked the crypto market, including the implosion of coins created by Korean tech entrepreneur Do Kwon that aggravated a $2 trillion crypto-market downturn.
The landmark legislation, approved on Friday, is South Korea’s first comprehensive crypto regulation framework. It was formulated by integrating 19 pre-existing crypto-related bills. The law formally characterizes digital assets and sets out punitive measures for various offenses, including insider trading, market manipulation, and illicit trading practices.
Strengthening Oversight, Protecting Investors
The new legislation imbues the Financial Services Commission (FSC) with the authority to supervise crypto operators and asset custodians. In addition, the Bank of Korea has been granted powers to inspect such platfo
We współpracy z: https://bitcoinist.com/south-korea-unveil-crypto-protection-bill-following/
