CandleFocus South Korea Warns Crypto Firms as $4 Million Threshold Risks Life Sentence
2024-09-26
Author: Content Editor
South Korea's financial regulator, the Financial Supervisory Service (FSS), is intensifying its oversight of the virtual asset market and warning of severe consequences for illegal transactions. Cryptocurrency scammers can now face life sentences if their illegal operations exceed $4 million. The FSS plans to closely monitor market volatility, unverified information, and newly listed coins. They will inspect cryptocurrency exchanges and enhance their monitoring systems. The Virtual Asset User Protection Act was triggered by a market disruption caused by Terraform Labs, leading to significant losses. The regulations introduced require exchanges to establish robust monitoring mechanisms and prohibit insider trading and market manipulation. The FSS emphasizes the importance of maintaining detailed trading records to determine instances of unfair trading.
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