South Korea has approved a crypto bill to protect investors, which will come into force in a year.
Last week, South Korea’s National Assembly approved the Crypto Bill, which focuses on protecting the interests of cryptocurrency investors in the country and aims to create a legal framework for digital assets.
The approved bill includes penalties for price manipulation, false advertising of crypto assets, and failure to provide investors with the required information. Penalties for those convicted include imprisonment of at least one year or a fine of three to five times the amount of profits earned from such violations.
The bill defines ‘virtual assets’ as ‘an electronic representation of economic value that can be traded or transferred electronically’. The bill does not include a central bank digital currency under the country’s central bank, the Bank of Korea.