South Korean lawmaker Kim Young-hwan has proposed an amendment to the Improper Solicitation and Graft Act to include cryptocurrencies and insider information sharing under the term "improper solicitation." This move aims to close regulatory gaps, ensuring that crypto assets are treated the same as traditional financial benefits like money, securities, and real estate.
The proposal is part of a broader effort to strengthen crypto regulations and protect investors in South Korea. If approved, it will help prevent corruption and ensure accountability in the crypto space. It follows other regulatory initiatives, including the Virtual Asset Users Protection Act and increased oversight of crypto exchanges.
Additionally, South Korea's Financial Supervisory Service (FSS) has implemented a zero-tolerance policy to combat illegal crypto trading activities.