South Korea Financial Services Commission: Illegal virtual asset transactions will be banned from July 19, and violations of the regulations will be

The Financial Services Commission of South Korea stated that starting from July 19th of this year, it will prohibit activities such as price manipulation, illegal trading, or using undisclosed important information on virtual assets. If the illegal profit exceeds 5 billion Korean won, the maximum sentence could be life imprisonment.

The Financial Services Commission of South Korea revealed that in order to respond to the Virtual Asset User Protection Act, which will be implemented on July 19th, it has started to announce the implementation regulations and virtual asset industry supervision regulations related to the Virtual Asset User Protection Act before last month's deadline of the 22nd.

According to the implementation regulations and supervision regulations, it will be prohibited to engage in activities such as price manipulation, illegal trading, or using undisclosed important information on virtual assets.