{"id":189485,"date":"2021-05-06T17:00:33","date_gmt":"2021-05-06T16:00:33","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=189485"},"modified":"2021-05-06T14:54:49","modified_gmt":"2021-05-06T13:54:49","slug":"korean-crypto-exchanges-could-face-harsh-laws-if-new-proposal-is-passed","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/korean-crypto-exchanges-could-face-harsh-laws-if-new-proposal-is-passed\/","title":{"rendered":"Korean crypto exchanges could face harsh laws if new proposal is passed"},"content":{"rendered":"<p>The ruling party of South Korea has proposed a new bill that aims to limit crypto-related companies\u2019 ability to trade digital assets and increase their liability in case of a hack, local news outlet <a href=\"https:\/\/news.naver.com\/main\/read.nhn?mode=LSD&mid=sec&sid1=101&oid=028&aid=0002543401\"><i>Naver<\/i><\/a> reported today.<\/p>\n<p>The enactment, dubbed \u201cVirtual Assets Act\u201d and presented by the Democratic Party lawmaker Lee Yong-woo, will prohibit crypto firms from engaging in \u201cunfair practices\u201d such as trading (including the so-called \u201cwash trading\u201d), buying, and selling of digital assets if this can affect their prices. Essentially, companies won\u2019t be able to act as market makers to curb risks of price manipulation.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The upcoming regulation in Korea proposed by the ruling party will be a big burden on crypto companies based in Korea. <\/p>\n<p>It bans trading that changes price aka market making. It also requires KYC, insurance, and hacking prevention for all and have to reimburse in a case of hack<\/p>\n<p>&mdash; Doo (@DooWanNam) <a href=\"https:\/\/twitter.com\/DooWanNam\/status\/1390204767389982727?ref_src=twsrc%5Etfw\">May 6, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>For failing to comply with these trading restrictions, Koreans will be facing one or more years in prison or a hefty fine up to fivefold the amount of profit or loss that resulted from such violations.<\/p>\n<p>Additionally, the bill implies that operators of crypto exchanges and other digital assets-related companies will be obligated to take sufficient measures to prevent any potential hacker attacks. If a hack results in damages which the firm didn\u2019t do enough to prevent, it will be deemed liable.<\/p>\n<p>\u201cThe number of virtual asset investment fraud and hacking accidents is increasing rapidly, but there are no regulations related to this in the current law, so we intend to provide an institutional mechanism to protect users of virtual assets,\u201d Lee added.<\/p>\n<h2>More KYC and AML requirements<\/h2>\n<p>The enactment will also make it illegal to sell or broker cryptocurrencies via door-to-door, telephone solicitation, and multi-level sales. Violation of this will result in up to five years of jail time or up to 50 million won (roughly $45,000) in fines.<\/p>\n<p>Finally, the bill aims to strengthen know-your-customer and anti-money laundering requirements for crypto companies and obliges them to store customers\u2019 cryptocurrencies separately from the firm\u2019s proprietary property (or sign an insurance contract for funds in their custody).<\/p>\n<p>As <i>CryptoSlate<\/i> reported, South Korea\u2019s policymakers have come up with a slew of regulatory proposals aimed at cryptocurrencies. For example, the government <a href=\"https:\/\/cryptoslate.com\/korea-weighs-delaying-crypto-taxation-laws-to-appeal-to-young-voters\/\">plans to introduce a capital gains<\/a> tax on profit that resulted from crypto trading next year.<\/p>\n<p>However, a recent survey showed that <a href=\"https:\/\/cryptoslate.com\/54-of-koreans-say-they-support-crypto-taxes\/\">54% of Koreans actually support such a tax<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ruling party of South Korea has proposed a new bill that aims to limit crypto-related companies\u2019 ability to trade digital assets and increase their liability in case of a hack, local news outlet Naver reported today. The enactment, dubbed \u201cVirtual Assets Act\u201d and presented by the Democratic Party lawmaker Lee Yong-woo, will prohibit crypto [&hellip;]<\/p>\n","protected":false},"author":472,"featured_media":189490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,11,6849],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Korean crypto exchanges could face harsh laws if new proposal is passed<\/title>\n<meta name=\"description\" content=\"The ruling party of South Korea has proposed a new bill that aims to limit crypto-related companies\u2019 ability to trade digital assets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/korean-crypto-exchanges-could-face-harsh-laws-if-new-proposal-is-passed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Korean crypto exchanges could face harsh laws if new proposal is passed\" \/>\n<meta property=\"og:description\" content=\"The ruling party of South Korea has proposed a new bill that aims to limit crypto-related companies\u2019 ability to trade digital assets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/korean-crypto-exchanges-could-face-harsh-laws-if-new-proposal-is-passed\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-06T16:00:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-06T13:54:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/korea-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Liam Frost\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Liam Frost\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/korean-crypto-exchanges-could-face-harsh-laws-if-new-proposal-is-passed\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/korean-crypto-exchanges-could-face-harsh-laws-if-new-proposal-is-passed\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#person\",\"name\":\"Liam Frost\",\"url\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"caption\":\"Liam Frost\"},\"jobTitle\":\"Reporter\",\"description\":\"Liam Frost is a freelance journalist and editor with over 15 years of experience working for various media outlets across the world. 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