The Financial Services Commission (FSC) of South Korea announced on Thursday (16) that they have dealt with the first unfair cryptocurrency trading behavior under the Virtual Asset User Protection Act. The suspected criminal manipulated the market through pump and dump and made hundreds of millions of Korean won in profits within a month. The FSC reminded investors to be cautious of such market manipulation and stated that they will strengthen regulation to maintain fair trading and establish a sound market order. The FSC also initiated the discussion on the second-stage regulatory framework for virtual assets, focusing on the implementation of the Virtual Asset User Protection Act and planning to draft legislation in the second half of this year. The topics discussed in the meeting included improving transparency when new cryptocurrencies are listed on exchanges and promoting the same information disclosure standards between encryption companies and traditional financial institutions. The regulatory framework will cover service providers, encryption users, and the entire encryption market in a comprehensive and systematic manner. The policy review for enterprise cryptocurrency trading accounts is nearing completion, and the results will be announced soon. The discussion on allowing enterprises to open cryptocurrency trading accounts was conducted through 12 committee meetings and project teams. Regarding the issue of allowing enterprises to open cryptocurrency trading accounts, the policy review is nearing completion. We will announce the review results soon and swiftly proceed with follow-up measures.
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Whale pump is illegal! South Korea's first crackdown on Crypto Assets Pump and Dump cases, the 'Virtual Asset User Protection Act' is in effect
The Financial Services Commission (FSC) of South Korea announced on Thursday (16) that they have dealt with the first unfair cryptocurrency trading behavior under the Virtual Asset User Protection Act. The suspected criminal manipulated the market through pump and dump and made hundreds of millions of Korean won in profits within a month. The FSC reminded investors to be cautious of such market manipulation and stated that they will strengthen regulation to maintain fair trading and establish a sound market order. The FSC also initiated the discussion on the second-stage regulatory framework for virtual assets, focusing on the implementation of the Virtual Asset User Protection Act and planning to draft legislation in the second half of this year. The topics discussed in the meeting included improving transparency when new cryptocurrencies are listed on exchanges and promoting the same information disclosure standards between encryption companies and traditional financial institutions. The regulatory framework will cover service providers, encryption users, and the entire encryption market in a comprehensive and systematic manner. The policy review for enterprise cryptocurrency trading accounts is nearing completion, and the results will be announced soon. The discussion on allowing enterprises to open cryptocurrency trading accounts was conducted through 12 committee meetings and project teams. Regarding the issue of allowing enterprises to open cryptocurrency trading accounts, the policy review is nearing completion. We will announce the review results soon and swiftly proceed with follow-up measures.