Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
South Korea to enforce tougher crypto law with potential life sentence

South Korea to enforce tougher crypto law with potential life sentence

The BlockThe Block2024/02/07 10:01
By:The Block

Quick Take High-level crypto offenders could face severe penalties, including life imprisonment, under the new law. South Korea is currently developing a two-part crypto regulatory framework, the first part of which will go into effect in July.

South Korea to enforce tougher crypto law with potential life sentence image 0

South Korea’s Financial Services Commission (FSC) announced Wednesday that crypto criminals committing illicit market acts could face criminal punishments, including life imprisonment, upon commencement of the country’s new crypto law on July 19.

The FSC said in a Wednesday statement that violations of the new crypto law could lead to at least one year of imprisonment or fines ranging from three to five times the amount of illegal gains. Individuals who earned over 5 billion Korean won ($3.76 million) from such violations could face a life sentence or a penalty of double the proceeds.

In July 2023, the country’s lawmakers passed the “ Virtual Asset User Protection Act ” with a one-year grace period. The legislation aims to eradicate illicit market acts, such as using undisclosed information for crypto investments, manipulating market prices and engaging in fraudulent transactions. 

The act also requires cryptocurrency service providers to safeguard over 80% of deposits in cold storage to protect user funds and enroll in insurance programs for potential user compensation in the event of security breaches.

The new law is part of South Korea’s two-part legislation that seeks to establish a regulatory framework for the crypto industry. The second half of the regulation, currently under development, focuses on standardizing crypto token issuance and information disclosure for investors.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

GHO HodlerYield promotion rules

Bitget Announcement2025/08/07 10:30

New spot margin trading pair — TOWNS/USDT!

Bitget Announcement2025/08/07 09:07