• The fine targeted a crypto whale for unfair trading practices, including creating artificial trading volume, spreading false information, and exploiting price discrepancies
• This action is a direct result of the larger enforcement framework established by the Virtual Asset User Protection Act (VAUPA), which took effect on July 19, 2024
• A Digital Asset Basic Act is being drafted, with the goal of establishing the commercial and institutional framework for cryptocurrency innovation while prioritizing consumer protection

Today, the Financial Services Commission (FSC) of South Korea has imposed its first-ever fine targeting a crypto whale for unfair trading practices, including creating artificial trading volume, spreading false information, and exploiting price discrepancies. This shows that officials are likely getting a lot more serious about enforcing crypto rules.

The action is a direct result of the larger enforcement framework established by the Virtual Asset User Protection Act (VAUPA), which took effect on July 19, 2024. It requires exchanges and regulators to actively monitor for and prevent market manipulation.

Representing the first enforcement mile…

The post South Korean Regulator Fines First Crypto Whale Under New Law appeared first on Coin Edition.

• The fine targeted a crypto whale for unfair trading practices, including creating artificial trading volume, spreading false information, and exploiting price discrepancies
• This action is a direct result of the larger enforcement framework established by the Virtual Asset User Protection Act (VAUPA), which took effect on July 19, 2024
• A Digital Asset Basic Act is being drafted, with the goal of establishing the commercial and institutional framework for cryptocurrency innovation while prioritizing consumer protection

Today, the Financial Services Commission (FSC) of South Korea has imposed its first-ever fine targeting a crypto whale for unfair trading practices, including creating artificial trading volume, spreading false information, and exploiting price discrepancies. This shows that officials are likely getting a lot more serious about enforcing crypto rules.

The action is a direct result of the larger enforcement framework established by the Virtual Asset User Protection Act (VAUPA), which took effect on July 19, 2024. It requires exchanges and regulators to actively monitor for and prevent market manipulation.

Representing the first enforcement mile…

The post South Korean Regulator Fines First Crypto Whale Under New Law appeared first on Coin Edition.