South Korea double downs on crypto regulation, arrests 3 people over illegal trading biz

South Korea’s Financial Services Commission (FSC) plans to expedite the process of reviewing current bills on cryptocurrency regulation. Korean Edaily report August 11th.

FSC Chairman Kim Joo-Hyun told the South Korean parliament that the new cryptocurrency regulation will adopt a balanced approach that ensures investor protection and market innovation.

A task force of experts from the private sector and ministries will work together to ensure the review proceeds expeditiously, Kim continued.

Government officials also said the new regulations are in line with best practices seen globally.

Given the decentralization, anonymity and cross-border characteristics of virtual assets, [the FSC] Communicate internationally and maintain global regulatory consistency.

Since Terra (LUNA)’s ecosystem crashed in May, South Korea has taken a more prominent stance on crypto regulation to avoid a recurrence.

President Yoon Suk-yeol has promised a comprehensive crypto regulatory framework to protect domestic investors. The proposed Digital Asset Basic Law is likely to consolidate the 13 proposals being debated in the Diet.

Three arrested for illegal cryptocurrency trading

According to Bloomberg News reportSouth Korean prosecutors Three people have been arrested for illegal cryptocurrency trading.

Authorities launched an investigation in July after discovering about $3.5 billion worth of suspicious foreign exchange transactions at the branches of two of the country’s major banks.

An investigation has resulted in the arrest of three individuals who allegedly operate crypto trading businesses without a license.

According to reports, they ran a company that transferred $307 million (400 billion won) overseas for arbitrage profits.

Other charges against them include mass foreign exchange transfers and falsification of data submissions.