South Korea Considers Tougher Crypto Laws After Terra Crash

– The South Korean National assembly is planning to discuss the Crypto related issues during the enactment of the Virtual Property Industry Act.
– The recent example of Terras UST crash has gained the interest of regulators around the world.
– The report includes that regulation over stablecoins is very important.
– Around 13 bills related to the cryptocurrency proposed in the South Korean Assembly will be part of the legislative dialogue.
– The submitted report includes the regulation against unfair trade, undisclosed information and price manipulation in the crypto market.
– The sanctions will include fines, imprisonment, seizure and other penalisation.
– A bill to make it necessary to submit the White paper for a cryptocurrency came into the assembly.
– The bill aims to bring the companies having business overseas under the regulation.
– Raising tokens price, insider dumping and fake orders to generate unfair profit from crypto trading will come under both administrative and civil sanctions.