South Korean lawmakers have proposed a bill to crack down on unfair trading of virtual currencies and lower the entry barriers for crypto exchanges

According to BlockBeats, on May 16, according to Yonhap News Agency, South Korean Congressman Ping-wook Kim submitted a proposal to combat unfair trading practices in virtual currencies. The proposal stipulates that unregistered business activities and failure to disclose important information in the crypto industry are prohibited. If the regulations are violated, a prison sentence of up to 3 years or a fine of up to 100 million won will be imposed. Manipulating market prices or attracting cryptocurrency investments by false means will also be punished. The proposal also lays the foundation for self-regulation in the cryptocurrency market. The Virtual Capital Industry Association is required to mediate disputes between business operators and users, formulate standards for the issuance, announcement and listing of virtual currencies, and check compliance. In addition, the proposal also requires the association to report the market monitoring results of the exchange and immediately report to the Financial Commission if it is suspected that the exchange is illegal. The Financial Commission should investigate this and take appropriate measures. In addition, the proposal requires crypto exchanges to be registered with the Financial Commission. The article believes that compared with another congressman's proposal that requires exchanges to be approved by the Financial Commission, Ping-wook Kim's proposal lowers the entry threshold for crypto exchanges.