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.
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