South Korea’s lawmaker proposes to broaden the definition of “improper solicitation.”
The proposal seeks to include cryptocurrencies and insider information sharing under the term.
The lawmaker aims to erase the regulatory gap and ensure equal treatment of financial benefits, including crypto.
Democratic Party lawmaker Kim Young-hwan introduced an amendment to South Korea’s Improper Solicitation and Graft Act to combat crypto insider trading and bribery.
The amendment would expand the definition of “improper solicitation” to include virtual assets and insider information sharing. This can be seen as South Korea’s broader move to strengthen crypto regulations and protect investors.
Closing the Crypto Loophole
With this new proposal, Young-hwan wants to bring transparency and accountability to South Korea’s crypto governance. South Korea currently has listed several financial benefits—like money, securities, real estate, and memberships—as bribes. But, it excludes cryptocurrencies, creating a regulatory gap.
The lawmaker’s proposal would add crypto assets to the definition of improper solicitation, closing this gap. If approved, the law w…
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