South Korea's Ministry of Justice (MOJ) has announced a significant amendment to the country's criminal code, aimed at strengthening the regulation of the virtual asset market. The 'Partial Amendment Act on the Scope of Crimes Investigated by Prosecutors' will take effect in July, expanding the scope of direct investigations by prosecutors to include crimes related to the 'Virtual Asset User Protection Act'.

The new legislation is a crucial step in South Korea's efforts to protect users from potential fraud and market manipulation in the virtual asset market. Under the amended law, unfair trading practices in virtual assets, such as using undisclosed significant information and manipulating market prices, will be punishable by law. The penalties for such crimes will be severe, including a prison term of more than one year or a fine of three to five times the profit gained or loss avoided due to the crime.

The amendment is a response to the growing concerns over the lack of regulation in the virtual asset market, which has led to numerous cases of fraud and market manipulation. The new law aims to provide a stronger legal framework for prosecutors to investigate and prosecute such crimes, ensuring that perpetrators are held accountable for their actions.

The period for collecting public opinions on the matter will end on June 27, allowing the public to provide feedback on the proposed legislation. The MOJ is expected to consider the public's input before finalizing the amendment, ensuring that the new law is effective in protecting users and maintaining the integrity of the virtual asset market.

In conclusion, the 'Partial Amendment Act on the Scope of Crimes Investigated by Prosecutors' is a significant step forward in South Korea's efforts to regulate the virtual asset market and protect users from potential fraud and market manipulation. The new law will provide a stronger legal framework for prosecutors to investigate and prosecute such crimes, ensuring that perpetrators are held accountable for their actions.