South Korea Steps Up Crypto Oversight By Enacting Expansive User Protection Law
Portfolio Pulse from Murtuza Merchant
South Korea has enacted the Virtual Asset User Protection Act, a legislation aimed at reinforcing protection for investors in digital assets. The law provides a framework for digital assets, prescribes punitive measures for offenses such as insider trading, and empowers the Bank of Korea to conduct investigations into cryptocurrency platforms. It applies to digital currencies like Bitcoin and Ether, while existing securities laws will continue to govern tokens considered securities. The move follows the collapse of cryptocurrencies developed by South Korean Do Kwon, which contributed to a global $2 trillion cryptocurrency market downturn.
June 30, 2023 | 1:27 pm
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NEUTRAL IMPACT
The new South Korean law applies to Bitcoin, potentially affecting its market dynamics in the country.
The new law could lead to increased scrutiny and regulation of Bitcoin transactions in South Korea, potentially affecting its trading volume and price. However, the exact impact is uncertain and will depend on how the law is implemented.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
The new South Korean law applies to Ether, potentially affecting its market dynamics in the country.
The new law could lead to increased scrutiny and regulation of Ether transactions in South Korea, potentially affecting its trading volume and price. However, the exact impact is uncertain and will depend on how the law is implemented.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The collapse of Luna, developed by South Korean Do Kwon, was a factor in the enactment of the new law. This could lead to increased scrutiny of Luna in South Korea.
The collapse of Luna was a significant event that influenced the enactment of the new law. This could lead to increased scrutiny and regulation of Luna in South Korea, potentially affecting its trading volume and price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The collapse of TerraUSD, developed by South Korean Do Kwon, was a factor in the enactment of the new law. This could lead to increased scrutiny of TerraUSD in South Korea.
The collapse of TerraUSD was a significant event that influenced the enactment of the new law. This could lead to increased scrutiny and regulation of TerraUSD in South Korea, potentially affecting its trading volume and price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80