South Korean regulators said on February 7 that criminals involved in crypto assets could be sentenced to life in prison when a new consumer protection law takes effect in July this year.

Last December, South Korea’s financial regulator, the Financial Services Commission (FSC), proposed a consumer protection framework called the Virtual Asset User Protection Act. The law will come into force on July 19 this year and will subject market manipulation, illegal trade and other violations to criminal penalties and fines depending on their severity.

“If found guilty, the penalty may be imprisonment for a period of not less than one year or a fine equal to three to five times the amount of unjust enrichment,” the FSC said.

If the amount obtained from the crime exceeds 5 billion won (approximately 500 million yen, equivalent to 1 won = 0.1 yen), the perpetrator could be sentenced to life in prison, the FSC added.

South Korea is strengthening its supervision of the crypto-assets (virtual currency) field, with particular emphasis on consumer protection. Initiatives approved so far force companies and public figures to disclose their crypto holdings.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Crypto Crime Could Mean Jail for Life in South Korea