South Korea takes initiative to deal with crypto conundrum

financialexpress.com:

According to Cointelegraph, South Korea’s government is taking steps to protect cryptocurrency investors from collapsing by passing a new cryptocurrency bill. Supposedly, this step will help to avoid incidents such as the fall of  Do Kwon’s Terra ecosystem.

With insights from SBS Biz, a local news agency, on June 30, 2023, the National Assembly passed the Virtual Asset User Protection legislation. It is expected that the bill is created to regulate unfair trade practices and protect cryptocurrency investors, Cointelegraph added. 

Sources revealed that the legislation will include about 19 crypto-related bills and will provide a unified bill. This bill is expected to define digital assets and impose penalties for illicit trading activities such as using undisclosed information, market manipulation and other unfair trading practices, among others in cryptocurrency, Cointelegraph highlighted. 

Furthermore, as per the local media, the main aim of the Virtual Asset User Protection Act is to apply the Capital Market Act to digital assets with a securities nature, Cointelegraph concluded.

(With insights from Cointelegraph)  

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