South Korea’s Financial Authorities Are Pushing Forward to Intro

According to the South Korean Financial Services Commission’s report to the National Assembly’s Political Affairs Committee, the South Korean Financial Services Commission is promoting a plan to introduce a class action system for unfair virtual asset transactions and pursue compensation for losses. The scheme is designed to protect investors by creating alternatives to criminal penalties for unfair trading. The Financial Services Commission also reiterated its position that virtual assets are not financial assets and are highly speculative in nature. According to analysis, the above-mentioned actions of the South Korean financial authorities are due to a murder related to the failure of virtual currency investment in the center of Seoul last month, coupled with the continuous occurrence of manipulation of the currency market. (Korea National Daily)