[SBS Biz] Ten Days After the Implementation of Virtual Asset Act: ‘Unexplained Surges’ in Coin Prices Disappear

On July 29, 2024, SBS Biz featured comments from Woo-Young Choi, an attorney at Lee & Ko. With the enforcement of the Act on the Protection of Virtual Asset Users, those caught engaging in unfair trading practices now face a minimum of one year in prison or fines of 3 to 5 times the illicit gains. If profits exceed KRW 5 billion, offenders could receive sentences of 5 years or more. 

Regarding these penalties, Choi explained, “It’s not just imprisonment; offenders can receive both prison time and fines.” He elaborated, “For instance, if someone made KRW 10 billion illegally, they don’t simply pay back KRW 30 billion. The original KRW 10 billion is confiscated, and they face an additional fine of KRW 30 to 50 billion on top of that.”