South Korea Plans Legislation Requiring Crypto KOLs to Disclose Holdings and Compensation, Violators May Face Market Manipulation Penalties

Odaily News South Korea is advancing new regulations aimed at compelling investment Key Opinion Leaders (KOLs) who promote crypto assets and stocks on social media to disclose their own holdings and whether they receive compensation. It is reported that Kim Seung-won, a member of the National Assembly's Political Affairs Committee, is drafting amendments to the "Capital Markets and Financial Investment Business Act" and the "Virtual Asset User Protection Act." According to the proposal, individuals who repeatedly provide investment advice to the public or receive compensation for encouraging the purchase or sale of financial products or virtual assets must disclose the amount of compensation received and the types and quantities of assets they hold. Violators may face penalties equivalent to those for market manipulation or insider trading. (Cointelegraph)