From CryptoNews, November 24:
The South Korean government has unveiled a new draft crypto law that includes strict punishment for token market manipulation-related offenses – proposing massive fines and hefty jail sentences for offenders.
Per Maeil Kyungjae and the Hankyoreh, in cases where offenders make over USD 4.2m from their market manipulation efforts, courts would be allowed to dish out life sentences. The bill covers insider trading in the crypto markets, making use of as-yet “undisclosed information,” as well as illegal crypto transactions.
The bill is an indirect response to a number of high-profile instances of alleged and proven market manipulation controversies, with individuals and firms accused of artificially driving up trading volumes, releasing fake news stories about imminent token listings and more. Many South Korean exchanges have traditionally offered pairings in low-cap tokens that critics claims are ripe for market manipulation efforts.
The terms of the draft bill explain that even in cases where the manipulation brings in offenders less than USD 422,000 worth of “profits,” courts must hand out a minimum sentence of one year in prison.
Convicted offenders will also be forced to pay courts x3-x5 the money they earned in fines.
And it is not just conventional cryptoassets that will be covered by the law: it will also apply to decentralized finance (DeFi), stablecoins, in-game currencies and security tokens, the media outlets explained....
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