South Korea Clamps Down on Cryptocurrency Manipulations
Effective July 19, South Korea’s new Virtual Asset User Protection Act will come into force, criminalizing market manipulation, illicit and insider trading within the cryptocurrency sector. Offenders face severe penalties, including a minimum fine of three times the amount of profit gained or imprisonment.
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Effective July 19, South Korea's new Virtual Asset User Protection Act will come into force, criminalizing market manipulation, illicit and insider trading within the cryptocurrency sector. Offenders face severe penalties, including a minimum fine of three times the amount of profit gained or imprisonment.
Moreover, individuals whose illegal profits exceed $3.7 million could face life imprisonment along with a fine that is doubled. The law also sets stricter regulations for cryptocurrency companies, mandating them to insure customer assets and establish reserve funds to cover potential major hacks.
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