July 19 marks a monumental day in South Korea’s financial landscape as regulators have set the stage for the long-awaited enactment of the Virtual Asset User Protection Act and the Virtual Asset Industry Supervision Regulations. In a highly-anticipated announcement, the Financial Service Commission (FSC) revealed on February 7 that the official implementation date had been officially declared, following a thorough legislative notice on the Enforcement Decree just ten days prior on January 22.
Through their comprehensive guidelines, both regulations enforce stringent measures on digital asset trading in the nation, instilling greater deterrence for market players through intensified penalties.
The realm of financial markets is a treacherous one, where deceit and shady tactics can often lead to an unfair upper hand. However, let it be known that actions such as market manipulation and the use of undisclosed information to gain an edge are strictly prohibited and will result in criminal consequences.
Under the new regulations, perpetrators may face imprisonment for up to a year or more, accompanied by a hefty fine ranging from three to five times the value of their illicit gains. But beware, for those who amass illegal profits exceeding 5 billion won, penalties may escalate to double the amount and even result in a lifetime behind bars. These measures have been put in place to combat the prevalence of illicit trading in our country and uphold the integrity of our financial systems.
The realm of financial markets is a treacherous one, where deceit and shady tactics can often lead to an unfair upper hand. However, let it be known that actions such as market manipulation and the use of undisclosed information to gain an edge are strictly prohibited and will result in criminal consequences.
Under the new regulations, perpetrators may face imprisonment for up to a year or more, accompanied by a hefty fine ranging from three to five times the value of their illicit gains. But beware, for those who amass illegal profits exceeding 5 billion won, penalties may escalate to double the amount and even result in a lifetime behind bars. These measures have been put in place to combat the prevalence of illicit trading in our country and uphold the integrity of our financial systems.
Once the Financial Services Commission (FSC) alerts the Prosecutor General of misconduct and the investigative reports, along with the sworn statements, are delivered, penalties will be levied upon the offending parties.
As a vigilant nation, South Korea consistently refines its protocols for digital assets to thwart any deceitful schemes in the industry. In the latest development, regulators have put forth amendments regarding the appointment of digital asset leaders and the extension of licenses within the country.
