TechFlow reported, according to Yonhap News Agency, the South Korean Financial Services Commission stated today that it had announced a legislative notice last month on the "Virtual Asset User Protection Act" and the "Regulations on Virtual Asset Industry Supervision," prior to the Act's implementation on July 19. Under the enforcement decrees and regulatory provisions, market manipulation, illegal trading, and trading based on material non-public information regarding virtual assets are prohibited.
Violators may face criminal penalties including imprisonment of over one year or fines ranging from three to five times the illicit gains. If the amount of unjust enrichment exceeds 5 billion KRW, offenders could face life imprisonment and a fine up to twice the amount of the unjust enrichment.
