South Korean supervisor intends to toughen penalties for crypto-fraud

The rise of innovative technology has also brought many flaws to the crypto space. Some crypto-project crimes are committed due to technological processes and platform vulnerabilities.

The new move by Korean authorities aims to improve legislation after the collapse of the Terra ecosystem this year.

The legislation aims to protect cryptocurrency investors.

Regulators are focusing on protecting investors in their dealings with digital currencies. Therefore, they are increasing penalties for unfair trading in the crypto industry.

A local media report says the country's regulators are working on new legislation regarding virtual assets. The Financial Services Commission (FSC) and the National Assembly are involved.

Regulators plan to pass a bill that will make it easier for financial regulators to monitor and punish unfair cryptocurrency trading practices. Some planned actions to oversee cryptocurrency exchanges include price manipulation, use of undisclosed information, and fraud.