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South Korea to Impose Life Imprisonment for Crypto Criminals Under New Consumer Protection Rules

South Korea's financial regulator has announced that crypto criminals could be sentenced to life imprisonment under new consumer protection rules set to take effect on July 19. The Virtual Asset User Protection Act covers market manipulation, illegal trading, and other violations that could lead to criminal punishment or fines. The punishment for criminal offenses could include a fixed-term imprisonment of more than one year or a fine equivalent to three to five times the amount of unjust enrichment. The country has been increasing its oversight of the digital assets sector, with approved initiatives requiring companies and public figures to disclose their crypto holdings.

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