South Korean Crypto Bill Passes, Giving Regulators More Oversight
South Korean lawmakers have passed a crypto bill that imposes liability and penalties for unfair trading of virtual assets. The legislation grants regulatory authority to the Financial Services Commission and The Bank of Korea to oversee crypto operators and asset custodians. Violation of the new legislation can result in imprisonment and fines of up to five times the amount of profits gained from unfair trade.
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South Korean Crypto Bill Passes, Giving Regulators More Oversight
South Korean lawmakers have passed a crypto bill that imposes liability and penalties for unfair trading of virtual assets. The legislation grants regulatory authority to the Financial Services Commission and The Bank of Korea to oversee crypto operators and asset custodians. Violation of the new legislation can result in imprisonment and fines of up to five times the amount of profits gained from unfair trade.