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South Korean crypto criminals to face life imprisonment as per new regulations

The South Korean government has issued a new update to the Virtual Asset Users Protection Act with cryptocurrency-focused regulations that aim to protect investors from market crimes.

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The South Korean government has issued a new update to the Virtual Asset Users Protection Act with cryptocurrency-focused regulations that aim to protect investors from market crimes.

The Financial Services Commission of South Korea’s top financial regulator — announced the new law that seeks to protect the rights of crypto investors and promote transparency.

South Korea’s new crypto law prohibits the use of “undisclosed important information” about crypto, market manipulation and illegal trading. The legislation imposes major criminal punishment measures and fines for violations, including fixed-term imprisonment of more than one year or an acceptable fine of three to five times the amount of illegal profits.

According to the announcement, the Virtual Asset User Protection Act is expected to come into force on July 19, 2024 after the bill was enacted on July 18, 2023.

According to the FSC, criminals who make more than 5 billion won ($3.8 million) from illegal crypto trading schemes face life sentences.

“The FSC’s authority to supervise and inspect virtual asset business operators and to investigate and take action on unfair trading practices is also stipulated in the law,” the regulator noted. The authority added that it’s competent to supervise whether virtual asset business operators comply with the Virtual Asset User Protection Act and inspect their business and status.

As previously reported, South Korean lawmakers passed the Virtual Asset User Protection Act in June 2023. The new crypto law came in response to a major industry implosion involving Terraform Labs and its founder, Do Kwon, who is a South Korean national. Following the Terra collapse in May 2022, more than $450 billion was wiped from the market.

Kwon is currently facing extradition to the United States, rather than South Korea, where he faces eight charges, including commodities fraud, securities fraud, wire fraud and conspiracy to defraud and engage in market manipulation.

In other news from Asia, Thailand’s Ministry of Finance has announced the exemption of value-added tax (VAT) on digital asset trading to push Thailand toward becoming a digital asset hub, local news agency Bangkok Post reported on Feb. 7. The regulator has decided to ease tax rules by suspending the requirement to pay 7% VAT on income derived from crypto starting from Jan. 1, 2024, with no expiration date.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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