South Korea to apply life sentence for crypto crimes

As a new measure against cryptocurrency crimes, South Korea will apply life sentences to those who commit these actions starting in July of this year

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.


Source: cripto247

(Reference image source: Traxer at Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

You might also like