S. Korea to implement Criminal Penalties For Crypto Market Manipulation

Cryptocurrency markets are highly volatile and prone to manipulation. The South Korean regulators from Financial Services Commission (FSC) recommend criminal penalties for crypto market manipulations according to a report submitted to the South Korean Parliament on Nov. 23.

The report recommended that the financial authorities of the country should be empowered to impose criminal punishments for violation of rules related to cryptocurrency trading.

The FSC recommends a minimum of one year in prison and fines three to five times the gains earned illegally. The minimum punishment for gains over KRW 5 billion ($4.2 million) is five years in prison.

Seoul set to 20% tax on crypto gains over KRW 2.5 million ($2,100) starting 2022., but the parties opposing are calling for the deadline extension.

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