Yonhap News Agency: South Korea’s National Assembly or Legislation on Penalizing Crypto Market Manipulation

Yonhap News Agency today stated that the cryptocurrency market manipulation penalties that are common to all transaction subjects have gradually gained momentum with the advancement of Congressional legislation. However, the financial authorities stated that “cryptocurrency cannot be determined as a financial commodity.” Therefore, it is still unknown whether cryptocurrency can be punished for market manipulation like stocks stipulated in the Capital Market Law. Recently, the Korean Financial Commission formulated a plan to revise the “Enforcement Order of the Specific Financial Transaction Information Act.” This includes prohibiting crypto asset management companies and employees from conducting crypto asset transactions through related operating companies. In other words, in order to prevent the possibility of entrepreneurs manipulating prices, transactions must be restricted. Even if the enforcement order of the special law is modified, the problem still exists. This is because it aims to limit transactions to prevent operators from manipulating the market, but it does not mean that market manipulation laws and regulations applicable to all trading entities should be formulated. Therefore, it is very likely that Congress will issue regulations on market price manipulation. The government’s position is that it is difficult to directly apply the allegations of price manipulation applicable to the capital market to cryptocurrencies, so the legislative process is expected to be affected. Original link ]

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