Do Kwon Sentenced to Jail and South Korea Tightens Crypto Laws

Coin Edition
Coin Edition

30 Jun 2023 12:41 PM

After a year-long wait, South Korea approves its first independent digital-asset bill aimed at protecting investors. Read more on CE....

  • South Korea has approved its first independent digital-asset bill to enhance investor protection.
  • The legislation defines digital assets, establishes penalties for violations, and grants authority to the Financial Services Commission and the Bank of Korea.
  • Do Kwon, involved in the collapse of TerraUSD and Luna coins, has been sentenced to four months in jail for using a forged passport.
  • The digital-asset sector faced risks with crypto lenders suspending withdrawals and a murder case linked to crypto investment losses.
  • CoinMarketCap reported price increases for LUNA and LUNC tokens against USD, BTC, and ETH.

The sentiment in the article is mostly negative, highlighting the collapse of tokens, legal issues, and risks in the digital-asset sector. However, there is also a mention of price increases for LUNA and LUNC tokens.

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You May Ask

What is the purpose of South Korea's first independent digital-asset bill?Who is Do Kwon and what legal issues is he facing?What risks did the digital-asset sector face recently?How did LUNA and LUNC tokens perform in terms of price according to CoinMarketCap?What authority does the new legislation grant to the Financial Services Commission and the Bank of Korea?

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