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On 31 October 2022, the Bill for regulating fairness in the digital asset market and creating a safe trading environment (Bill No 2117994) was introduced into the Korean National Assembly. The Bill seeks to establish rules to combat unfair trading of digital assets and to protect users from unfair transactions in the digital asset market. In particular, the Bill prohibits unfair trade practices such as the use of undisclosed relevant information, price manipulation, and fraudulent trading. For this purpose, the Bill establishes obligations on digital asset operators, such as regular reporting obligations. The Financial Services Commission will be empowered to monitor and carry out investigations related to digital asset operations.
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