A bill was proposed to prevent unfair trade, such as harming investors by manipulating the market price of virtual currency.
On the 27th, Congressman Lee Ju-hwan announced that he had proposed an amendment to the law on reporting and use of specific financial transaction information.
The current law imposes an obligation to prevent money laundering on virtual asset business operators, but there is no legal basis for unfair trade practices such as market price manipulation, virtual currency speculation, and excessive fees set by virtual asset business operators.
As the bitcoin price soared more than five times in one year, interest in virtual assets is increasing, but the case of exploiting the investment sentiment to deprive the investment continues.
According to Congressman Lee, the CEO of A Virtual Currency Exchange, who recently listed coins and received hundreds of millions of won worth of coins in exchange for neglecting to manipulate the market price, was sentenced to jail time. In addition, the CEO of Company B, who had collected investments by arbitrarily manipulating the computer system and manipulating the market price by falsely selling and buying virtual currency, was sentenced to imprisonment.
The amendment imposed the prohibition on unfair trade activities such as market price manipulation and the obligation to prevent illegal leakage of virtual assets, and stipulated matters related to penalties and fines, including liability for damages caused by illegal acts.
Congressman Lee said, “Because investors lack information, there are frequent incidents and accidents in which difficult investments are thrown due to fake coins, market manipulation, and insider trading.” “We look forward to fair trade and investor protection in the virtual asset market this year.”
