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Search results for Act on the Aggravated Punishment of Specific Economic Crimes

Crypto

Countdown to amended Special Financial Information Act puts digital asset industry focus on governance reshuffle

South Korea will implement an amended Special Financial Information Act on Aug. 20, expanding screening of digital asset operators to include major shareholders and governance structures. An enforcement decree allows exceptions when violations are minor or punished under vicarious liability rules, easing some uncertainty around Naver Financial and Dunamu’s share-swap plan. Regulators will also tighten requirements on leverage, creditworthiness and internal controls, likely increasing compliance burdens for smaller operators.

Crypto

Delio chief gets 15 years in jail in coin withdrawal suspension case

A Seoul court sentenced the head of crypto deposit-and-interest service Delio to 15 years in prison at first instance for fraud and other charges over allegedly diverting customers\' virtual assets. The court said the defendant swindled large sums from many victims and had not been forgiven by those who suffered serious economic losses, but considered external factors that triggered the case and the lack of prior punishment beyond fines. The court convicted him on a reduced set of charges.

Games & Commerce

Naver-Dunamu merger hurdle eases as committee recommends amending enforcement decree

South Korea\'s Presidential Regulatory Reform Committee\'s growth subcommittee reviewed an enforcement decree revision to the Act on Reporting and Using Specified Financial Transaction Information on July 24 and recommended that the Financial Services Commission add an exception to fit-and-proper screening rules for major shareholders of virtual asset service providers. The recommendation could ease regulatory burdens raised during Naver\'s bid to acquire Dunamu. The revised law is set to take effect on Aug. 20.