Do Kwon Sentenced to Jail and South Korea Tightens Crypto Laws

• South Korea has recently approved its first independent digital-asset bill aimed at enhancing investor protection.
• In related news, Do Kwon has been sentenced to jail for four months after attempting to use a forged passport.
• CoinMarketCap indicated that both LUNA and LUNC saw their prices rise throughout the past day of trading.

South Korea has recently approved its first independent digital-asset bill aimed at enhancing investor protection, following the collapse of tokens associated with Do Kwon, a South Korean individual, which contributed to a $2 trillion decline in the crypto market. The Virtual Asset User Protection legislation was passed by Parliament on Friday after experiencing significant delays. 

This legislation provides a definition for digital assets and establishes penalties for various violations, including the use of nonpublic information, market manipulation, and unfair trading practices. The new law grants the Financial Services Commission the authority to supervise crypto operators and asset custodians.

It also allows the Bank of Korea to investigate such platforms and mandates insurance coverage, reserve funds, and proper record-keeping. B…

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