Prosecutors Can Now Investigate Virtual Asset Crimes in South Korea

IconCryptoNewsTerminal Staff15 Jul, 2024

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Prosecutors Can Now Investigate Virtual Asset Crimes in South Korea

The South Korean government has announced a revised decree that allows prosecutors to investigate violations of the Virtual Asset Utilization Protection Act. This revision aims to strengthen the monitoring of unfair trading in the virtual asset market. The Virtual Asset Utilization Protection Act prohibits the use of undisclosed information, price manipulation, and unfair trading in the virtual asset market. Violators of unfair trading can face imprisonment or fines up to twice the amount of their illegal profits. The Ministry of Justice announced the revision plan last month on July 7. The revised decree is expected to take effect in August 2023. This move is part of the government's broader efforts to regulate the virtual asset market and protect investors. In recent years, the virtual asset market has grown rapidly, but it has also been plagued by a number of scams and fraudulent activities. The government is hoping that the revised decree will help to deter these activities and make the virtual asset market more transparent and fair.

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