South Korea passes cryptocurrency bill to tackle unfair trading
South Korea’s crypto bill aims to establish a basis for imposing penalties and liability for damages caused by unfair cryptocurrency trading. South Korea’s government is taking steps to protect crypto currency investors from implosions like Do Kwon’s Terra ecosystem by passing a new crypto bill. On June 30, the National Assembly passed the Virtual Asset User Protection legislation. The bill is designed to regulate unfair trade practices and protect crypto investors, the local news agency SBS Biz reported. The legislation reportedly integrates 19 crypto-related bills, providing a unified bill defining digital assets and imposing penalties for illicit trading activities like using undisclosed information, market manipulation and other unfair trading practices in crypto. According to local media, the main point of the Virtual Asset User Protection Act is to apply the Capital Market Act first to virtual assets with a securities nature. The legislation also aims to establish a basis for...