South Korea Proposes Prison Sentences for Crypto Market Manipulation
Main page News, South Korea, Cryptocurrency, Regulations
Hot topic
25 November
308 308

South Korea's Financial Services Commission (FSC) has proposed to criminalize fraudulent behavior in the cryptocurrency market, including price manipulation and insider trading, CoinDesk has reported.

The FSC has made the corresponding proposal to the country's parliament. The document will be used to draft the crypto legislation that will go through the parliament.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

The FSC recommendations provide for a minimum of one year imprisonment and a fine of 3 to 5 times the illegal gain. If the amount of such gains exceeds 5 billion won (approximately $4.2 million), the prison sentence could increase to five years.

The regulator has previously proposed to introduce taxes on some types of non-fungible tokens (NFTs).

Read also:
Please describe the error