Breaking crypto laws in South Korea could soon come with a steep punishment. The country's new "Virtual Asset User Protection Act," which is primed to come into effect in July, prohibits crypto market manipulation, certain types of trading and the use of undisclosed important information regarding digital assets.
Starting in the second half of this year, crimes related to digital assets such as price manipulation, insider trading and unfair trading practices will be prohibited, as the country s first law on protecting digital asset investors will take effect on July 19. Individuals involved in such illegalities can face a maximum penalty of life imprisonment, if they are found guilty of pocketing a wrongful gain of over 5 billion won ($3.7 million).
As a retail investor who holds more than a dozen stocks of large-cap companies here, it s good to see the local stock markets have rallied over the past two weeks, fueled by President Yoon Suk Yeol s comments that the government will do more to resolve the decades-old Korea discount.
The Samsung scion has been embroiled in legal troubles for the better part of a decade, and earned the dishonor of becoming the first chairperson of Samsung to be jailed