Crypto Regulation In South Korea Under Scrutiny Following Gruesome Murder Case

Name	Symbol	Market	Market Cap ($)	Algorithm
Conflux	CFXUSD	Crypto	813,710,242	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Conflux

CFXUSD

Crypto

813,710,242

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.001149	-0.53%	0.216369	0.216369	0.216992

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.001149

-0.53%

0.216369

0.216992

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.220875	0.215873	0.216413	0.217517	0.100045 - 0.548006

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.220875

0.215873

0.216413

0.217517

0.100045 - 0.548006

Exchange	Last Trade	Size	Trade Price	Currency
BINA	15:12:15	4,252.00	0.217114	USD

Exchange

Last Trade

Size

Trade Price

Currency

BINA

15:12:15

4,252.00

0.217114

USD

Price x Volume	Volume	Base Symbol	Related Pairs
21,304.49	98,468.94	CFX	CFXEUR	CFXGBP	CFXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

21,304.49

98,468.94

Crypto Regulation In South Korea Under Scrutiny Following Gruesome Murder Case

18/05/2023 2:07pm

NEWSBTC

Crypto regulation is gaining momentum in South Korea as lawmakers seek to impose stricter rules on digital assets in response to a shocking murder case linked to cryptocurrency. In a tragic incident reported by Bloomberg, a Korean woman was kidnapped and subsequently killed in what appears to be a dispute arising from losses related to crypto. The gravity of the crime, which reportedly took place late March, has placed the spotlight on the efforts of lawmakers to expedite the country’s inaugural standalone crypto bill, which may soon undergo a parliamentary vote, potentially as early as this month. The incident has underscored the need for comprehensive regulatory measures to address the risks and challenges associated with the burgeoning crypto industry. Related Reading: Conflux Network Partners With China Telecom For Blockchain, SIM Project – Details On Focus: Virtual Asset User Protection Bill This event has prompted lawmakers to accelerate the passage of the nation’s inaugural standalone crypto bill, known as the Virtual Asset User Protection Bill, which consolidates 19 different crypto-related measures into a single comprehensive legislation. A draft version of the bill, obtained by Bloomberg, reveals that it aims to establish precise legal definitions for virtual assets and introduce penalties for offenses such as insider trading and market manipulation. Furthermore, the proposed legislation seeks to grant the Financial Services Commission in South Korea the authority to supervise cryptocurrency companies and oversee the custody of digital assets. Different Regulatory Paths For Crypto, Securities Tokens Under the new rules, cryptocurrencies like Bitcoin will be subject to the proposed regulations, while tokens categorized as securities by the government will continue to be governed by existing capital-markets laws. By establishing clear guidelines for digital assets, South Korea aims to fortify the resilience of the crypto industry and protect investors from potential risks. The bill’s provision for mandatory insurance coverage aims to provide a safety net for digital asset firms, shielding them from financial losses in the event of cyberattacks or breaches. Additionally, the stricter rules on reserve funds and account keeping seek to ensure greater transparency and accountability within the cryptocurrency ecosystem. BTCUSD slightly above the crucial $27K region. Chart: TradingView.com Related Reading: PEPE Outperforms Bitcoin In Social Media Buzz, Triggers Bullish Run For Frog Coin The introduction of the Virtual Asset User Protection Bill comes at a crucial moment for South Korea as the nation grapples with growing apprehension surrounding the crypto industry. Recent events, including the financial crimes committed by Do Kwon, co-founder and CEO of Singapore-based Terraform Labs, and the collapse of the Terra ecosystem, have heightened concerns and shed light on the urgent need for robust regulatory measures. -Featured image from Showmetech

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