South Korea's ruling party lawmaker Kim Seung-won has proposed amendments to the Capital Markets Act and the Virtual Asset User Protection Act, requiring "financial influencers" who repeatedly provide investment advice on social media and other channels about cryptocurrencies and other assets to disclose the types and quantities of their held cryptocurrencies and financial products, as well as any compensation related to their recommendations. Penalties for violations will be based on current standards for market manipulation, front-running, and other violations of the capital market laws. (TheBlock)
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South Korea's ruling party lawmaker Kim Seung-won has proposed amendments to the Capital Markets Act and the Virtual Asset User Protection Act, requiring "financial influencers" who repeatedly provide investment advice on social media and other channels about cryptocurrencies and other assets to disclose the types and quantities of their held cryptocurrencies and financial products, as well as any compensation related to their recommendations. Penalties for violations will be based on current standards for market manipulation, front-running, and other violations of the capital market laws. (TheBlock)