PANews February 25 News, according to The Block, South Korean ruling party lawmaker Kim Seung-won proposed amendments to the Capital Markets Act and the Virtual Asset User Protection Act, requiring influencers (Finfluencers) who provide cryptocurrency investment advice on social media to disclose their personal asset holdings and the compensation they receive.
The proposal aims to increase market transparency and combat misleading information and self-dealing. Under the proposed legislation, individuals who regularly provide investment advice on social media, mass publications, or broadcasts must disclose the types and amounts of their held cryptocurrencies, as well as any related compensation. Penalties for violations will be based on standards similar to those for market manipulation and other capital market crimes. Kim Seung-won stated that this move is a necessary measure to address conflicts of interest and investor harm caused by unregulated social media commentary.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
US SEC Submits Digital Asset and Hedge Fund Disclosure Rules to White House, Proposes Introducing "Innovation Exemption"
The U.S. Securities and Exchange Commission submitted two new regulatory reviews to the White House on March 20, involving digital asset and hedge fund information disclosure. These include registration exemptions for digital asset companies and adjustments to Form PF reporting.
GateNews3h ago
CFTC Sets 20% Capital Charge for Bitcoin and Ethereum Collateral
The Commodity Futures Trading Commission (CFTC) has taken a clear step toward integrating cryptocurrencies into traditional finance. In its latest guidance, the regulator allows Bitcoin and Ethereum to be used as collateral in derivatives trading while applying a 20% capital charge to manage
Coinfomania6h ago
SEC and CFTC Establish Crypto Taxonomy With Five Key Categories
U.S. regulators established a framework to classify digital assets into five groups, enhancing jurisdiction clarity. This includes commodities overseen by the CFTC and securities by the SEC, with special treatment for stablecoins and utility tokens based on usage.
CryptoFrontNews7h ago
US Senator Proposes Ban on Prediction Markets, Sports Betting, and Casino-Style Games
On March 23rd, two U.S. senators plan to introduce legislation to prohibit prediction market platforms from listing contracts related to sports events, arguing that these markets infringe on consumer rights and tribal sovereignty, and requiring state governments to regulate gambling activities that could potentially lead to youth addiction. This move could reshape the regulatory landscape for sports betting and prediction markets.
GateNews7h ago
South Korea's Ruling Party Proposes Abolishing Virtual Asset Tax, to Hold Closed-Door Talks with Five Major Mainstream Exchanges
South Korea's People Power Party held a closed-door meeting on March 23rd with representatives from major cryptocurrency exchanges to discuss the abolition of the virtual asset taxation system scheduled for implementation in 2027, and to hear proposals on stablecoin issuance and legislation. Party whip Song Yeon-seok has proposed amending the Income Tax Law to address the double taxation issue.
GateNews8h ago
