South Korea has passed the Virtual Asset Protection Act giving the Bank of Korea oversight of digital asset operators. The legislation focuses on making market manipulation illegal and cracking down on insider trading. The violators could face a penalty of up to twice the amount of profits gained or avoided losses due to unfair trading practices in the capital market.

#cryptolegislation #regulations #southkorea

🇺🇸 Cointelegraph reports: Rohit Chopra, Director of the U.S. Consumer Financial Protection Bureau (CFPB), is contemplating applying the Electronic Funds Transfer Act (EFTA) to private digital dollars and other cryptocurrencies. EFTA, a 1978 law, safeguards consumers in electronic fund transfers, including debit cards and ATMs. Chopra suggests that the U.S. Treasury's Financial Stability Oversight Board should deem certain crypto transfers as systemically significant payment activities. 📜 #bitcoinworld #usregulation #cryptolegislation