South Korea Approves First Independent Cryptocurrency Law, Bolstering Investor Protection

Over a year since the collapse of the Terra ecosystem, created by South Korean citizen Do Kwon, led to a domino effect intensifying a $2 trillion market crash, South Korea has approved the nation’s first independent cryptocurrency law named ‘Virtual Asset User Protection’ to enhance investor protection. Virtual Asset User Protection: A Consolidation of 19 Bills The National Assembly of the Republic of Korea approved the cryptocurrency-related bill today after a prolonged delay. With the approval, South Korea, a significant hub for cryptocurrencies, has formally introduced the Virtual Asset User Protection, the first independent cryptocurrency law consolidating 19 bills to reinforce investor protection. The Virtual Asset User Protection, defining cryptocurrencies, imposes penalties for violations such as the use of non-public information, market manipulation, and unfair trading practices. It also includes penalties for infringements such as the lack of insurance, reserves, and record-keeping, thereby strengthening investor protection by combining 19 cryptocurrency-related […] The post South Korea Approves First Independent Cryptocurrency Law, Bolstering Investor Protection appeared first on COINTURK NEWS.