South Korean financial regulators are considering a protocol to file class-action lawsuits against what they call “unfair trading of cryptocurrencies.” The system is designed to protect investors, and is a major priority for officials.
The system is running promotion The idea of protecting investors. This is a process that South Korean officials have long focused on. The Terra incident, in particular, has brought a strong focus on protecting investors.
Kukmin Ilbo was able to obtain an internal report from the Financial Services Commission (FSC), which talked about the proposed plan for a class action lawsuit.
The report stated,
A bill to create a class action law that would be applicable to public illegal activities, including the securities sector, has been proposed to the National Assembly. We can accept various alternatives, including adding the Virtual Asset domain to this invoice.”
Interestingly, the report also stated that the FSC does not view cryptocurrencies as financing. It remains to be seen whether this view will be replicated elsewhere.
Expanding investigation into cryptocurrency trading and kickbacks token list
South Korean officials are also working on Expand the sensors regarding the inclusion of bribes in the Code List should further evidence emerge. According to those in the know, it is common in South Korea for trading platforms to list certain tokens in exchange for bribes.
There is currently an ongoing investigation of this matter. There have been multiple developments regarding this. One such development involves the arrest of a former Coinone employee. The employee accepted 1.5 million bribes for listing 25 assets.
The cryptocurrency exchange market in South Korea is having a busy time
The cryptocurrency exchange market in South Korea is going through a turbulent time. There have been a series of hacks, including the $13 million hack of GDAC. Meanwhile, the police raided Pethumb in a price-gouging investigation.
In addition, Binance also entered the country by acquiring a majority stake in the Gopax exchange. In addition to, Samsung It expects to launch the cryptocurrency exchange in 2023.
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