Do Kwon Sentenced to Jail, South Korea Tightens Cryptocurrency Legal guidelines

June 30, 2023

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South Korea lately accredited its first impartial digital asset invoice geared toward enhancing investor safety.
In associated information, Do Kwon was sentenced to 4 months in jail for making an attempt to make use of a faux passport.
CoinMarketCap confirmed that each LUNA and LUNC have risen in worth all through the previous day of buying and selling.

South Korea lately accredited its first impartial digital asset invoice geared toward boosting investor safety following a token crash linked to South Korean particular person Do Kwon, who contributed to a $2 trillion drop within the cryptocurrency market. backside. The Digital Asset Person Safety Invoice handed parliament on Friday after an extended delay.

The legislation offers a definition of digital belongings and units penalties for numerous offenses equivalent to the usage of personal info, market manipulation and unfair buying and selling practices. The brand new legislation offers the Monetary Companies Fee powers to supervise cryptocurrency operators and asset custodians.

It additionally permits the Financial institution of Korea to research such platforms and requires insurance coverage protection, reserves and correct document protecting. Bitcoin and comparable belongings are topic to those laws, whereas tokens which can be thought of securities are topic to present capital market legal guidelines.

In associated information, Do Cuong, who was concerned within the creation of TerraUSD and Luna coin, each of which went bankrupt in 2022, leading to losses of over $40 billion, was lately sentenced to 4 years in jail for trying to journey in Montenegro. sentenced to months. faux passport. He’s needed by South Korea and america.

Moreover, the sudden suspension of withdrawals by two South Korean-linked cryptocurrency financiers in June served as a reminder of the continued dangers to the digital belongings sector. Calls on coverage makers to expedite the implementation of the brand new laws grew after a extremely publicized homicide in Seoul in March linked to losses from cryptocurrency investments.

In line with CoinMarketCap, Terra Traditional (LUNC) was priced at $0.00008852 on the time of writing. This comes after the altcoin skilled a 2.20% acquire over the previous 24 hours. Not solely did LUNC rise towards the greenback, it managed to achieve 0.89% and 0.24% towards Bitcoin (BTC) and Ethereum (ETH) respectively.

In the meantime, Terra (LUNA) additionally rose within the 24-hour interval, buying and selling at $0.6316 on the time of writing. It was up 3.03% towards the greenback, 1.69% towards BTC and 1% towards ETH.

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