According to Foresight News, South Korea's Financial Services Commission announced that the Virtual Asset User Protection Law was implemented on July 19, after a legislative notice was given on January 22 for the law and the Virtual Asset Industry Regulation. The enforcement regulations and supervisory rules prohibit market manipulation, illegal transactions, and the use of undisclosed important information related to virtual assets. Violators may face penalties such as imprisonment for more than one year or fines ranging from three to five times the illegal proceeds. If the amount of unfair profits exceeds KRW 50 billion, the maximum penalty could be life imprisonment and a fine of up to twice the amount of unfair profits.