2023-06-30 08:45:13
[딜사이트 황지현 기자] The ‘Virtual Asset User Protection Act’, which regulates unfair trade in virtual assets and protects users, crossed the threshold of the plenary session of the National Assembly on the 30th.
The enactment of the Virtual Asset User Protection Act proposed at the plenary session on this day was passed with 265 votes in favor and 3 abstentions among 268 present. The bill became the first virtual asset-related bill enacted following the Specific Financial Transaction Information Act.
The key to the passed bill is that it decided to apply the Capital Market Act first to virtual assets in the nature of securities. A new basis was established to define the use of undisclosed important information, market manipulation, and illegal trading as unfair trading practices in virtual assets. Violation of this may result in a fixed-term imprisonment of not less than one year or a fine of not less than three times to not more than five times the amount of profit or loss avoided.
In addition, to protect user assets, virtual asset operators are also obliged to create and store customer deposits, trust, insurance and mutual aid subscription in preparation for accidents such as hacking and computer failure, and virtual asset transaction records.
Furthermore, the bill stipulates the authority of the financial authorities to investigate and take action on unfair transactions of virtual asset operators. The Financial Services Commission has also allowed virtual asset-related committees to operate for the purpose of policy and institutional advice on the virtual asset market and operators.
The enactment plan is scheduled to go into effect in June 2024, one year following passing the plenary session. Previously, the Virtual Asset User Protection Act passed the full meeting of the Political Affairs Committee, the standing committee in charge of virtual assets, on the 11th of last month, and then passed the Legislation and Judiciary Committee of the National Assembly on the 29th.
ⓒLooking at the market with new eyes. Prohibition of unauthorized reproduction and distribution of deal sites
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