The South Korean government has unveiled a new draft crypto law that includes strict punishment for token market manipulation-related offenses – proposing massive fines and hefty jail sentences for offenders.

Per Maeil Kyungjae and the Hankyoreh, in cases where offenders make over USD 4.2m from their market manipulation efforts, courts would be allowed to dish out life sentences. The bill covers insider trading in the crypto markets, making use of as-yet “undisclosed information,” as well as illegal crypto transactions.

The bill is an indirect response to a number of high-profile instances of alleged and proven market manipulation controversies, with individuals and firms accused of artificially driving up trading volumes, releasing fake news

South Korean Draft Law Calls for Life Sentences for Crypto Market Manipulators

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