Starting in July 2024, South Korea will apply new regulations to cryptocurrency crimes. This could mean life sentences for criminals who engage in digital currency scams.

The country’s regulatory authorities recently reported that cryptocurrency crimes could lead to life imprisonment, as a way to provide greater protection to investors and citizens who are part of the crypto market.

The Financial Services Commission (FSC) proposed the Virtual Asset User Protection Law, which could come into effect on July 19, to punish market crimes such as illegal cryptocurrency trading. Depending on the severity of the case, fines will be imposed.

The agency noted: “In case of criminal sanction, a fixed-term prison sentence of more than one year or a fine equivalent to between three and five times the amount of unjust enrichment is possible.”

If the proceeds of the criminal action exceed 5 billion won, equivalent to USD 3.8 million, the penalty will be life imprisonment.

M.Pino

Source: cripto247

(Reference image source: Traxer at Unsplash)

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La entrada South Korea to apply life sentence for crypto crimes apareció primero en Bitfinance.