The Financial Services Commission is hinging its argument on the grounds that digital assets is an umbrella term covering virtual currencies and CBDC and should not be used interchangeably.
Terra co-founder Shin Hyun-seung denies allegations that he violated the South Korean capital markets law, which led to the freezing of over $100 million worth of funds.
South Korea’s Financial Services Commission is investigating exchanges that have listed their native tokens, with Flata exchange as the main target, following FTX’s FTT collapse this month.
Prosecutors stormed Chai Corporation, the payments technology company founded by Daniel Shin, on the allegations that it misused its customers' personal information without their consent.
The prosecutors say that the evidence was gleaned from a “messenger conversation” between Do Kwon and an ex-employee of Terraform Labs.
If the law scale through the legislative processes, it could bring the penalties for digital asset fraud to be at par with traditional finance fraud in the country.
South Korea is going hard on its efforts to monitor the digital asset industry as money laundering cases become rampant, with the Financial Services Commission saying it will be on the lookout for 'crypto' whales.
The massive losses incurred by investors over Bithumb's failure to list BXA tokens and acquire BK Group warrants an eight-year prison term for the former's de facto chairman, the prosecution says.
Investors who got rekt after investing in LUNA/UST are now taking it upon themselves to pursue Kwon, who says charges against him are politically motivated.
Singapore's Fintech Association (SFA), in association with Banks Foundation for Young Entrepreneurs, have teamed up to create 80RR, a co-working space for Korean fintech companies in Singapore.
Yoo Mo was arrested last week on charges of violating the Capital Markets Act as a key member of the Terra group, but a South Korean court has dismissed his arrest.
It appears that the FSC is making a U-turn and has announced that it will promote the use of digital currency and safeguard the interest of investors.
