Korean Lawmakers Call For Stricter Crypto Regulations After A Murder Case

Key Points:

• On March 29, a Korean woman was kidnapped and ultimately killed in what is thought to be a dispute over cryptocurrency-related losses.
• The killing follows a spate of digital-asset-related scandals, including the collapse of Do Kwon’s ecosystem in May of last year.
• South Korean lawmakers are attempting to establish stronger control of digital assets.

South Korean lawmakers are calling for tougher regulation of digital assets in the aftermath of a brutal murder case using digital assets. According to a May 18 Bloomberg report, a Korean woman was kidnapped and killed on March 29.

According to South Korean officials and local sources, her corpse was discovered a few days later, with the murder assumed to be the result of a quarrel over crypto investment losses and an effort to take the victim’s digital tokens. Security cameras captured the abduction in Gangnam, a wealthy neighborhood compared to Beverly Hills in California.

According to reports, the latest murder case has increased the need for MPs to approve the country’s first standalone crypto statute, which might be ratified in a parliamentary vote later this month.

It adds to a long list of South Korean scandals involving digital assets, most notably the apprehension of former fugitive Do Kwon a year ago when coins he developed wiped at least $40 billion in a meltdown.

In an interview, Back Hyeryun, head of the National Policy Committee of the South Korean parliament, stated:

“There is finally a consensus on both sides of the aisle that we need to get a law in place as soon as possible. There were too many issues, so it was necessary to focus on one thing first — investor protection — to move on quickly.”

According to Hyeryun’s administration, the repercussions from the Gangnam murder case and the Kwon wipeout reinforced public support for a crypto code.

The new proposed measure is called the Virtual Asset User Protection Bill, and it combines 19 distinct crypto-related legislation into a single one.

The Act defines virtual assets and penalizes violations such as using nonpublic information, market manipulation, and unfair trading practices. The law would empower the Financial Services Commission to monitor cryptocurrency operators and asset custody. The Bank of Korea would be allowed to investigate such platforms as well.

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Harold

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