South Korea to Implement Stricter Crypto Law with Possibility of Life Sentence

South Korea

South Korea is tightening crypto rules, with potential life sentences for serious offenders. The new law, starting in July, targets illegal activities in the crypto market, like fraud and manipulation.

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The Financial Services Commission (FSC) of South Korea announced tough penalties, including jail time and hefty fines, for breaking the crypto law. Offenders could face imprisonment or fines up to five times the illegal gains, with even stricter penalties for those profiting heavily from violations.

South Korea to Impose Tough Penalties for Crypto Law Violations

The HKGCC suggested the government consider a “Virtual Asset Connect Scheme” with an initial daily limit of around HK$20 billion ($2.5 billion). However, they didn’t provide more details about this scheme.

These suggestions come ahead of the Financial Secretary’s budget address later this month. The HKGCC emphasized the importance of retaining and attracting talent and businesses to enhance Hong Kong’s operating environment and address labor shortages.

In December, the Hong Kong Monetary Authority stated in a consultation paper with the Financial Services and the Treasury Bureau that a stablecoin issuer would need a license if they issue a stablecoin linked to the value of fiat currencies in Hong Kong. The consultation period ends this month.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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