South Korea approved its first standalone digital-asset bill to boost investor protection just over a year after the implosion of tokens created by countryman Do Kwon exacerbated a $2 trillion crypto-market rout. ManilaBulletin READ:
Parliament on Friday passed the Virtual Asset User Protection legislation, which integrates 19 crypto-related bills, after a prolonged delay. The code defines digital assets and imposes penalties for transgressions such as the use of nonpublic information, market manipulation and unfair trading practices.
Kwon was recently sentenced to four months in jail in Montenegro for trying to travel with a forged passport. He’s wanted by South Korea and the US after the 2022 collapse of his TerraUSD and Luna coins wiped out at least $40 billion. In March, a high-profile Seoul murder case linked to crypto investment losses stoked calls for politicians to accelerate new rules.“We welcome the authorities’ attempt to build order,” said Lee Suh Ryoung, chief secretary general of the Korea Blockchain Enterprise Promotion Association in Seoul. “But the law in general remains stuck in the perspective of traditional finance in terms of regulating crypto,” which may suppress the industry rather than promote it, he said.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Melindo flies to South Korea for July 1 title defense against Korean boxerCEBU CITY, Philippines — The reigning Oriental and Pacific Boxing Federation (OPBF) silver featherweight champion Milan “El Metodico” Melindo flies to South Korea with his team for his July 1, 2023 title defe... CDNDigital
Read more »
GUIDE: What you should know before applying for South Korea's new e-Group VisaGather your Hallyu-loving friends and take note of these requirements. | via philstarlife
Read more »
South Korea May factory output unexpectedly jumps, led by cars and chips-South Korea’s factory production unexpectedly jumped in May, led by cars and chips, official data showed on Friday, while retail sales also rose last month in an encouraging sign for a slowly recovering economy.
Read more »
South Koreans get younger as traditional age system droppedSEOUL, South Korea -- Lee Jung-hee was set to turn 60 next year but South Korea dropped its traditional age counting system Wednesday, so the Seoul-based housewife just got a year younger -- and she's thrilled.
Read more »
'Biyahe ni Drew' turns 10, treats viewers to two-part South Korea special with Iya Villania-Arellano&39;Biyahe ni Drew&39; celebrates its 10th anniversary with back-to-back specials in South Korea airing this July 2 and July 9 on GTV.
Read more »
South Korean fugitive wanted for illegal gambling ordered deported by BIMANILA, Philippines — A South Korean national, Choi Sunghee, is set to be deported by the Bureau of Immigration (BI) for illegal gambling activities in his home country. On Thursday, the
Read more »