According to Foresight News, the Ministry of Justice (MOJ) in South Korea has announced the 'Partial Amendment Act on the Scope of Crimes Investigated by Prosecutors'. This legislation, set to take effect in July, will expand the scope of direct investigations by prosecutors to include crimes related to the 'Virtual Asset User Protection Act'. The period for collecting public opinions on this matter will end on June 27.
Under this new law, unfair trading practices in virtual assets, such as using undisclosed significant information and manipulating market prices, will be punishable. The penalties include a prison term of more than one year or a fine of three to five times the profit gained or loss avoided due to the crime. This move is part of South Korea's efforts to regulate the cryptocurrency market and protect users from potential fraud and market manipulation.