Crypto 24X7 News Hubb
Advertisement
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
Crypto 24X7 News Hubb
No Result
View All Result
Home Crypto Mining

South Korean New Crypto Bill Passes the First Phase

admin by admin
April 27, 2023
in Crypto Mining


If crypto-related entities fail to comply with the upcoming rules, they could face hefty fines and imprisonment.

In a first-phase review, South Korean legislators approved a proposed bill that would give the Financial Services Commission extensive authority over digital assets.

The proposed legislation focuses on consumer protection and compliance reporting, outlining various requirements for the sale, storage, and trading of cryptocurrencies.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe – We publish new crypto explainer videos every week!

A member of the ruling People Power Party’s Digital Asset Special Committee, Hwang Suk-jin, noted for the news portal Forkast that “both the ruling and opposition parties have agreed on the matter,” indicating that the legislation could become law by the end of the year.

If enacted, this bill would be one of the most comprehensive and extensive national cryptocurrency legislation globally.

The legislation would demand crypto exchanges and similar service providers to split their internal holdings from user assets, maintain reserves in case of non-market-related losses, and carry insurance.

It is worth noting that these rules wouldn’t apply to central bank digital currencies (CBDC) and digital assets linked to the Bank of Korea.

South Korean businesses and individuals linked to the cryptocurrency industry would need to self-report irregularities to maintain compliance. The proposed legislation includes recommendations for penalties in case of noncompliance, suggesting relatively stiff punishments.

Forkast reports that the bill contains provisions stating that those convicted of infractions resulting in losses below $3.75 million could face fines equal to three to five times the total losses and up to a year in prison. Crimes resulting in losses above $3.75 million could receive prison sentences from five years to life imprisonment.

Crypto-related entities would receive punishments for “failing to include required information in investor disclosures, price manipulation and false promotion of crypto assets.”

The legislation was introduced in June 2022, shortly after the Terra ecosystem’s collapse led to significant declines in the cryptocurrency industry. Recently, Terraform Labs co-founder Shin Hyun-seong and nine others were indicted by the South Korean government, with Do Kwon arrested in Montenegro.

This bill’s advancement demonstrates South Korea’s commitment to strengthening regulatory oversight and consumer protection in the rapidly evolving crypto landscape.

Gile K. - Crypto Analyst

by Gile K. – Crypto Analyst, BitDegree




Source link

Previous Post

As An Expression Of Pure Mathematics, Bitcoin Has Changed The Nature Of Money

Next Post

Former President Donald Trump Says US Dollar Is Crashing — Warns ‘We’re Very Close’ to World War III – Economics Bitcoin News

Next Post

Former President Donald Trump Says US Dollar Is Crashing — Warns 'We're Very Close' to World War III – Economics Bitcoin News

Recommended

13% of Americans have now held crypto: JPMorgan research

December 13, 2022

Crypto is redefining how charities raise funds

January 17, 2023

Don't miss it

Crypto Mining

Tether’s (USDT) Market Cap Reaches Unprecedented Heights

June 1, 2023
Crypto Currency

The Debate Around “Cursed” Ordinal Inscriptions

June 1, 2023
Ethereum

Pixel Penguin accused of ‘charity rug,’ Epic adds new NFT games and more…

June 1, 2023
Crypto Currency

Chinese Police Detain Team Behind Yuan-Backed CNHC Stablecoin: Report

June 1, 2023
Crypto Currency

Winklevoss twins’ crypto exchange Gemini to seek UAE crypto license

June 1, 2023
Bitcoin

Risk of Sharp Drop Below $300

June 1, 2023

© Crypto 24X7 News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

© 2022 Crypto 24X7 News Hubb All rights reserved.