South Korea Cracks Down on Crypto Crime
South Korea is taking a serious stance against crypto crime, with new regulations and harsher penalties coming into effect.
The **Virtual Asset Users Protection Act** aims to increase transparency and accountability in the crypto market. It requires virtual asset exchanges to report illegal transactions to the financial regulator.
The law also introduces hefty penalties, including the possibility of a life sentence for unlawful gains exceeding 5 billion won (around $3.8 million).
The FSC, South Korea’s financial regulator, is taking action as suspicious transactions involving virtual assets have surged. In 2023, these transactions increased by nearly 49% year-on-year to over 16,000 cases.
These measures are part of a global trend towards stricter crypto regulations. Many countries are working to balance innovation in the digital asset space with the need to protect investors and prevent financial crime.
