According to Decrypt, the South Korean financial regulatory agency has warned that criminals who profit over $4 million (approximately 5 billion Korean won) from cryptocurrency fraud will face life imprisonment.

The "Virtual Asset User Protection Act" enacted by South Korea in July 2024 includes a series of strict measures to prevent cryptocurrency crimes. Legislators say that the bill was partially inspired by the actions of South Korean cryptocurrency founder Do Kwon and the collapse of cryptocurrency exchange FTX.

Other measures stipulated in the Virtual Asset User Protection Law include imposing fines of three to five times the amount and up to one year in prison for illegal cryptocurrency related activities.

In addition, according to a report by Yonhap News Agency, the South Korean financial regulatory agency has warned that criminals who profit more than $4 million (approximately 5 billion Korean won) from cryptocurrency fraud will face life imprisonment.

The regulatory agency also added that when suspected illegal transactions are discovered, their organization will "concentrate all investigation resources under the principle of zero tolerance and take severe punishment measures". In addition to fines, the bill also contains other measures aimed at making Korean people use digital assets more safely.

For example, the bill requires virtual asset service providers (VASPs) to keep at least 80% of customer funds in cold wallets and must set up reserves to prevent cybersecurity vulnerabilities. In addition, cryptocurrency exchanges are also required to establish strong monitoring mechanisms to detect and report suspicious activities to financial authorities. Specifically, the law prohibits the use of insider information, manipulation of market prices, and unfair trading practices.

(责任编辑：白银TD)

• ·Bitcoin spot ETF ends eight consecutive days of outflows, with a net inflow of 28 million magnesium
• ·10月31日博道盛利6个月持有期混合净值增长0.19%，近3个月累计上涨7.52%
• ·“美丽大法案”？低收入群体成输家 高收入者税后收入反而大涨！
• ·10月31日富国久利稳健配置混合E净值增长0.59%，近3个月累计上涨14.72%
• ·公司注销旗下的财产怎么办
• ·新加坡比特币价格多少
• ·翁帆股票
• ·办理职工医保需要走哪些手续？步骤是怎样的？
• ·股票补仓意思-股票补仓意思是什么
• ·岳阳兴长第二大股东湖南长炼兴长企业服务有限公司减持13万股
• ·前海数字资产平台交易
• ·10月31日汇添富成长精选混合C净值下跌0.47%，近1个月累计下跌1.01%
• ·无需银行开户，一文读懂面向全球企业的美元账户解决方案 Altitude
• ·10月31日博时新能源主题混合A净值增长0.59%，近3个月累计上涨18.77%
• ·宿迁商业贷款转公积金贷款条件有哪些？原来在宿迁商贷买的房想转成公积金贷款。
• ·汉思能源(00554.HK)委任徐闵为独立非执行董事