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South Korean financial regulator seeks criminal responsibility for crypto violations

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Aliens

Wed, Nov 24, 2021

The South Korean Financial Services Commission (FSC) submitted a report to the National Policy Committee of the National Assembly. The report states that the regulator is seeking criminal responsibility for crypto violations. It will be the basis for the country to pass legislation to regulate the crypto market. The report pointed out that the illegal income of encryption is the income obtained through price manipulation and inside information. When the illegal gains reach 5 billion won (4.2 million U.S. dollars) or more, they will be sentenced to more than 5 years in prison. The amount is between 500 million and 5 billion won, and the sentence is 3 to 5 years in prison. The amount of less than 500 million won will be punished by imprisonment for more than one year and not more than three years. The fine will be at least three times the amount of illegal income. However, before formal legislation, the country may start discussions on recognizing digital currencies as effective financial assets. This allows the government to tax the proceeds of encrypted transactions.

Source: Korea Times

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