South Korean lawmakers seek tough punishments for crypto fraud

The National Assembly of South Korea is collaborating with the country’s Financial Services Commission on a bill that seeks to introduce greater oversight of crypto firms and introduce tough punishment for unfair trade practices. This new legislation will reportedly create a legal basis that will enable greater monitoring of the crypto industry and help identify bad actors.

According to a report published by The Dong-a Ilbo, authorities in South Korea are beginning to prioritize legislation that focuses on crypto exchanges and on punishing those involved in fraudulent activities, insider trading, and market manipulation. However, the local media has indicated that it will be long before the opposition and the ruling party agrees on these bills. As for the legislation in question, it could come into effect as soon as 2023.

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