CandleFocus South Korea to Tackle Crypto Insider Trading with Legal Amendment
2024-09-30
Author: Content Editor
South Korean lawmaker Kim Young-hwan has introduced an amendment to the country's Improper Solicitation and Graft Act to combat insider trading and bribery in the crypto industry. The amendment would expand the definition of "improper solicitation" to include virtual assets and insider information sharing. This move is part of South Korea's broader efforts to strengthen crypto regulations and protect investors. The proposal aims to bring transparency and accountability to the country's crypto governance, closing the regulatory gap that currently exists regarding cryptocurrencies. The proposal also expands the definition of improper solicitation to include other forms of corruption and prohibits sharing sensitive information for personal advantage. This regulatory move follows South Korea's recent initiatives to bring clarity to the crypto industry and ensure customer security. The country's Financial Supervisory Service has also introduced a zero-tolerance policy to tackle illegal crypto trading activities.
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