{"id":533808,"date":"2023-05-18T13:07:24","date_gmt":"2023-05-18T13:07:24","guid":{"rendered":"https:\/\/wncen.com\/?p=533808"},"modified":"2023-05-21T13:16:54","modified_gmt":"2023-05-21T13:16:54","slug":"crypto-regulation-in-sokor-under-scrutiny","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-regulation-in-sokor-under-scrutiny\/","title":{"rendered":"Crypto Regulation In South Korea Under Scrutiny Following Gruesome Murder Case"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]Crypto regulation is gaining momentum in South Korea as lawmakers seek to impose stricter rules on digital assets in response to a shocking murder case linked to cryptocurrency.\u00a0<\/span><\/p>\n

In a tragic incident reported by <\/span>Bloomberg<\/span><\/a>, a Korean woman was kidnapped and subsequently killed in what appears to be a dispute arising from losses related to crypto<\/a>.\u00a0<\/span><\/p>\n

The gravity of the crime, which reportedly took place late March, has placed the spotlight on the efforts of lawmakers to expedite the country’s inaugural standalone crypto bill, which may soon undergo a parliamentary vote, potentially as early as this month.\u00a0<\/span><\/p>\n

The incident has underscored the need for comprehensive regulatory measures to address the risks and challenges associated with the burgeoning crypto industry.<\/span><\/p>\n

Related Reading: Conflux Network Partners With China Telecom For Blockchain, SIM Project \u2013 Details<\/a><\/div>\n

On Focus: Virtual Asset User Protection Bill<\/strong><\/h2>\n

This event has prompted lawmakers to accelerate the passage of the nation’s inaugural standalone crypto bill, known as the <\/span>Virtual Asset User Protection Bill<\/span><\/a>, which consolidates 19 different crypto-related measures into a single comprehensive legislation.<\/span><\/p>\n

A draft version of the bill, obtained by Bloomberg, reveals that it aims to establish precise legal definitions for virtual assets and introduce penalties for offenses such as insider trading and market manipulation.\u00a0<\/span><\/p>\n

Furthermore, the proposed legislation seeks to grant the Financial Services Commission in South Korea the authority to supervise cryptocurrency companies and oversee the custody of digital assets.<\/span><\/p>\n

Different Regulatory Paths For Crypto, Securities Tokens<\/strong><\/h2>\n

Under the new rules, cryptocurrencies like Bitcoin will be subject to the proposed regulations, while tokens categorized as securities by the government will continue to be governed by existing capital-markets laws.\u00a0<\/span><\/p>\n

By establishing clear guidelines for digital assets, South Korea aims to fortify the resilience of the crypto industry and protect investors from potential risks.<\/span><\/p>\n

The bill’s provision for mandatory insurance coverage aims to provide a safety net for digital asset firms, shielding them from financial losses in the event of cyberattacks or breaches. <\/span><\/p>\n

Additionally, the stricter rules on reserve funds and account keeping seek to ensure greater transparency and accountability within the cryptocurrency ecosystem.<\/span><\/p>\n

<\/p>\n

BTCUSD slightly above the crucial $27K region. Chart: TradingView.com<\/a><\/pre>\n
Related Reading: PEPE Outperforms Bitcoin In Social Media Buzz, Triggers Bullish Run For Frog Coin<\/a><\/div>\n
The introduction of the Virtual Asset User Protection Bill comes at a crucial moment for South Korea as the nation grapples with growing apprehension surrounding the crypto industry.\u00a0<\/span><\/p>\n
Recent events, including the <\/span>financial crimes committed by Do Kwon<\/span><\/a>, co-founder and CEO of Singapore-based Terraform Labs,\u00a0and the collapse of the Terra ecosystem, have heightened concerns and shed light on the urgent need for robust regulatory measures.<\/span><\/p>\n
-Featured image from Showmetech<\/em>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"
[vc_row][vc_column][vc_column_text]Crypto regulation is gaining momentum in South Korea as lawmakers seek to impose stricter rules on digital assets in response to a shocking murder case linked to cryptocurrency.\u00a0 In a tragic incident reported by Bloomberg, a Korean woman was kidnapped and subsequently killed in what appears to be a dispute arising from losses related to crypto.\u00a0 The gravity of the crime, which reportedly took place late March, has placed the spotlight on the efforts of lawmakers to expedite the country’s inaugural standalone crypto bill, which may soon undergo a parliamentary vote, potentially as early as this month.\u00a0 The incident has underscored the need for comprehensive regulatory measures to address the risks and challenges associated with the burgeoning crypto industry. Related Reading: Conflux Network Partners With China Telecom For Blockchain, SIM Project \u2013 Details On Focus: Virtual Asset User Protection Bill This event has prompted lawmakers to accelerate the passage of the nation’s inaugural standalone crypto bill, known as the Virtual Asset User Protection Bill, which consolidates 19 different crypto-related measures into a single comprehensive legislation. A draft version of the bill, obtained by Bloomberg, reveals that it aims to establish precise legal definitions for virtual assets and introduce penalties for offenses such as insider trading and market manipulation.\u00a0 Furthermore, the proposed legislation seeks to grant the Financial Services Commission in South Korea the authority to supervise cryptocurrency companies and oversee the custody of digital assets. Different Regulatory Paths For Crypto, Securities Tokens Under the new rules, cryptocurrencies like Bitcoin will be subject to the proposed regulations, while tokens categorized as securities by the government will continue to be governed by existing capital-markets laws.\u00a0 By establishing clear guidelines for digital assets, South Korea aims to fortify the resilience of the crypto industry and protect investors from potential risks. The bill’s provision for mandatory insurance coverage aims to provide a safety net for digital asset firms, shielding them from financial losses in the event of cyberattacks or breaches. Additionally, the stricter rules on reserve funds and account keeping seek to ensure greater transparency and accountability within the cryptocurrency ecosystem. BTCUSD slightly above the crucial $27K region. Chart: TradingView.com Related Reading: PEPE Outperforms Bitcoin In Social Media Buzz, Triggers Bullish Run For Frog Coin The introduction of the Virtual Asset User Protection Bill comes at a crucial moment for South Korea as the nation grapples with growing apprehension surrounding the crypto industry.\u00a0 Recent events, including the financial crimes committed by Do Kwon, co-founder and CEO of Singapore-based Terraform Labs,\u00a0and the collapse of the Terra ecosystem, have heightened concerns and shed light on the urgent need for robust regulatory measures. -Featured image from Showmetech[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":557,"featured_media":533820,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1144,13331,8686,7702],"class_list":["post-533808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-crypto-regulation","tag-ethusd","tag-south-korea"],"acf":[],"yoast_head":"\nCrypto Regulation In South Korea Scrutinized Following Murder<\/title>\n<meta name=\"description\" content=\"Crypto regulation is gaining momentum in South Korea as lawmakers seek to impose stricter rules on digital assets in response to a shocking murder case\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Regulation In South Korea Under Scrutiny Following Gruesome Murder Case","url":"http:\/\/wncen.com\/news\/crypto-regulation-in-sokor-under-scrutiny\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/crypto-regulation-in-sokor-under-scrutiny\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a-108.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a-108.png?fit=840%2C397"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["btcusd","crypto regulation","ethusd","south korea"],"dateCreated":"2023-05-18T13:07:24Z","datePublished":"2023-05-18T13:07:24Z","dateModified":"2023-05-21T13:16:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Regulation In South Korea Under Scrutiny Following Gruesome Murder Case\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-regulation-in-sokor-under-scrutiny\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-regulation-in-sokor-under-scrutiny\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/a-108.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/a-108.png?fit=840%2C397\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"btcusd\",\"crypto regulation\",\"ethusd\",\"south korea\"],\"dateCreated\":\"2023-05-18T13:07:24Z\",\"datePublished\":\"2023-05-18T13:07:24Z\",\"dateModified\":\"2023-05-21T13:16:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a-108.png?fit=840%2C397","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/533808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=533808"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/533808\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/533820"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=533808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=533808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=533808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}