South Korean financial regulator seeks criminal responsibility for crypto violations

On November 24, according to a report submitted by the South Korean Financial Services Commission (FSC) to the National Policy Committee of the National Assembly, the regulator is seeking criminal responsibility for crypto violations. The report will be the basis for the country to pass legislation to regulate the crypto market. The report pointed out that the illegal income of encryption is the income obtained through price manipulation and inside information. When the illegal gains reach 5 billion won (4.2 million U.S. dollars) or more, they will be sentenced to more than 5 years’ imprisonment. The amount is between KRW 500 million and KRW 5 billion, and the sentence is 3 to 5 years in prison. The amount of less than 500 million won will be punished by imprisonment for more than one year and not more than three years. The fine will be at least three times the amount of illegal income. However, before formal legislation, the country may start discussions on recognizing digital currencies as valid financial assets so that the government can tax the proceeds of encrypted transactions. (Korea Times)