Kim Young-hwan, a lawmaker from the Democratic Party of Korea, has proposed an amendment to South Korea’s Unfair Inducement and Corruption Act to combat cryptocurrency insider trading and bribery. The amendment would expand the definition of “unfair inducement” to include virtual assets and insider information sharing. This can be seen as a broader move by South Korea to strengthen cryptocurrency regulation and protect investors.

With this new proposal, Young-hwan hopes to bring transparency and accountability to cryptocurrency management in South Korea. The lawmaker’s proposal would close this loophole by adding crypto assets to the definition of improper solicitation. If approved, the law would ensure that cryptocurrencies and other financial interests are treated equally. Young-hwan believes that the amendment will prevent corruption and the use of cryptocurrencies for personal gain.