South Korea Passes First Phase of ‘Crypto Law’ Special Focus on Consumer Protection

South Korean legislature It has passed the first stage of a proposed “Crypto Bill,” which would give the country’s Financial Services Commission the power to monitor and regulate financial activities related to cryptocurrencies. “Digital assets” including cryptocurrencies

The proposed bill will come with a number of provisions governing the sale, storage, and trading of cryptocurrencies. with special emphasis on consumer protection and compliance reporting

Hwang Suk-jin, member of the People’s Party Digital Assets Committee (South Korea) said toForkast said that “both the ruling party and the opposition are in agreement on this matter,” before suggesting the bill would become law by the end of the year.

If this bill passes will become one of the laws cryptocurrency The most extensive national It requires exchanges and similar providers to keep their internal holdings separate from the assets of their users. And they are insured and have a reserve in case of non-market losses.

central bank digital currency and assets directly linked to the Bank of Korea are the only reported exceptions.

In addition, businesses and individuals participate in the economy. Cryptocurrencies in South Korea are required to self-report irregularities. If a business or individual violates the proposed law The committee included some pretty strict penalties.

The bill states that Those found guilty resulted in losses of less than approximately $3.75 million, such as “not including information required in investor disclosures, price manipulation, and false promotion of crypto assets.” ”May be fined in the amount of three to five times the total loss and imprisonment for up to one year.

The crimes causing more than $3.75 million in losses are listed in the law. It will be punishable by imprisonment from 5 years to life imprisonment.

refer : LINK
picture LINK

The post South Korea passes first phase of scrutiny of a “Crypto Bill” that specifically focuses on consumer protection appeared first on Bitcoin Addict.

source site