South Korean lawmakers propose stricter regulatory measures for speculative cryptocurrency chat rooms

2025-04-16 03:46

According to Bizwatch, South Korean lawmakers have proposed amendments to the Virtual Asset User Protection Act, aimed at strengthening regulation of speculative cryptocurrency investment chat rooms on social media and enhancing regulation of cryptocurrency exchanges. The bill was proposed by Democratic Party of Korea (DPK) lawmakers Min Byoung dug, Kang Hoon sik, and others, requiring these chat rooms to register with the Financial Services Commission (FSC) as quasi investment consulting firms. According to current laws, such entities are not allowed to compensate for investment losses, guarantee returns, or promote false profit margins. The proposed amendment also requires cryptocurrency exchanges to report any formulation or modification of their terms and conditions to the Financial Services Commission. In addition, according to Digital Asset, Congressman Min Byoung dug has proposed a bill aimed at protecting customer assets in the event of cryptocurrency exchange bankruptcy. The amendment aims to ensure that the right of customers to recover their assets is not treated as a general unsecured claim, otherwise these claims will be distributed in the bankruptcy estate.

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