South Korea Crypto Law Adds Virtual Asset Crime Investigation

Bittime - South Korea's Ministry of Justice announced strict steps to increase supervision of crypto asset crime. They will bring virtual asset crimes into the scope of direct investigations by prosecutors.

South Korea's New Policy

This policy is realized through the newly formulated "Partial Amendment to the Regulations on the Scope of Crimes Committed by Prosecutors". 

Later, South Korean prosecutors will be able to directly investigate economic crimes, including those related to the Virtual Asset User Protection Act.

The law, which came into effect on July 19, 2024, aims to protect virtual asset users and ensure healthy trading practices in the crypto market. Violation of this law carries a prison sentence of more than one year or a fine.

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Increased Prosecutor's Investigative Authority

Previously, several crimes related to crypto assets were handled through accusations of fraud and were included in the scope of the prosecutor's direct investigation. 

However, with the amendment to this regulation, several new crimes regulated in the Virtual Asset User Protection Act can now also be handled directly by prosecutors.

Virtual Asset Consumer Protection Law

The Virtual Asset User Protection Act was enacted to protect crypto investors and create a sound trading order in the virtual asset market. This law becomes effective on July 19, 2024.

Some important points regulated in the law include:

• Definition of virtual assets and their exceptions
• It is the obligation for virtual asset business actors to store and manage users' funds and virtual assets safely
• Sanctions for perpetrators of unfair trading practices in virtual assets, such as the use of important information that is not disclosed or manipulation of market prices. Perpetrators of this crime can be threatened with a fixed prison sentence of more than one year or a fine worth three to five times the profit or loss avoided as a result of the violation.

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Response to New Policy

This policy from the South Korean Ministry of Justice was welcomed by some parties who want stricter regulations on activities in the crypto market. South Korea is known as one of the countries with high crypto adoption, but has quite strict policies to protect its citizens.

However, some other parties argue that there needs to be a balance between supervision and innovation. They worry that measures that are too strict could hinder the growth of the crypto industry in South Korea.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Read Also:

South Korea Tightens Regulations on Crypto Asset Listings on Exchanges

South Korea Ready to Ban Crypto Purchases with Credit Cards

South Korea Delays Approval of Crypto.com Entering South Korea

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.