FSC Introduces Legislation to Regulate Crypto Market

The Financial Services Commission in South Korea introduces the Virtual Asset Users Protection Act, imposing regulations to curb market crimes and enhance transparency in the cryptocurrency market. Life sentences may be imposed for illicit trading schemes exceeding $3.8 million. The FSC will monitor virtual asset business operators to ensure compliance with the new legislation. South Korean lawmakers responded to the collapse of Terra in May 2022 by strengthening investor protections.