Penalty for illegal trading of virtual currency in South Korea

1. It is not likely that the public security organ will file a case of virtual currency transaction fraud, because the virtual currency transaction fraud generally involves a large number of people, a wide range, a small amount and strong anonymity
it is difficult for the public security organs to collect and collect evidence, and it is also difficult to carry out arrest operations, because most of the information of the Chuangshi operation team of the virtual currency scam is not public, and there is no way to collect evidence. Maybe the mastermind will become a victim after being arrested
with the popularity of virtual currency, disputes related to it appear frequently. Recently, the people's Court of Futian District in Shenzhen tried a dispute caused by investment in virtual currency. The court reminded that the investment transaction of virtual currency is not protected by law, and investors should keep sober and rational<
extended information:
after reviewing criminal cases or civil disputes, judicial organs decide to list them as litigation cases for investigation or trial, which is the beginning stage of litigation activities. Generally, it includes criminal cases, administrative cases and civil cases< According to the criminal procere law of the people's Republic of China, there are two conditions for filing a case:
1
2. The fact of the crime should be investigated for criminal responsibility according to law. If there are criminal facts, but the law stipulates that criminal responsibility should not be investigated, the case shall not be filed
under any of the following circumstances, no criminal responsibility shall be investigated and no case shall be filed; If the case has been investigated, the case shall be annulled, or no prosecution shall be instituted, or acquitted< (1) if the circumstances are obviously minor and the harm is not great, it is not considered a crime< (2) the time limit for prosecution has expired< (3) those who are exempted from punishment by special amnesty order< (4) in the case of a crime in which a complaint is made according to the criminal law, the complaint is not made or withdrawn< (5) the defendant has died< (6) other laws and regulations provide for exemption from criminal responsibility
source: Sogou - virtual currency

2. There are two reasons for the prohibition of virtual currency trading by the state:
1. The price fluctuates violently and the consumer protection is lacking:
virtual currency is the proct of network, and the digital information flowing in the network is beyond the control of all people. The code of cyberspace is the basis of the operation of virtual currency, investors can only operate through the front-end interface, seemingly "control" the virtual currency. The operator of the virtual currency service organization may become the actual controller of the virtual currency through the control code<
2. Avoiding supervision and becoming the "accomplice" of criminal activities
virtual currency transaction is not protected by law:
virtual currency transaction is not illegal, and it is not illegal to invest in virtual currency. But how to get involved in virtual currency transactions is illegal and illegal. It may be suspected of illegal fund-raising.

3.

According to Yonhap, the South Korean financial commission and other financial departments held a press conference at the Seoul Office Building of the central government on the 23rd to release the results of the on-site investigation of virtual currency and the criteria for preventing money laundering, and stipulated that the real name trading system of virtual currency will be implemented from the 30th of this month, and the existing virtual currency accounts will be suspended

previously, Hong Nanji, head of the state adjustment Office of South Korea, said that virtual currency is not legal tender, and the government has repeatedly warned that there are hidden dangers in the virtual currency market, such as big price fluctuation, fraud, and hackers attacking trading institutions. However, there are still some phenomena in the market, such as the market price of most virtual currencies at home is higher than that abroad, blind speculation and so on

There are policies on the one hand and Countermeasures on the other

4.

There are two reasons for the prohibition of virtual currency trading by the state:

1. The price fluctuates violently and the consumer protection is lacking:

virtual currency is the proct of network, and the digital information flowing in the network is beyond everyone's control. The code of cyberspace is the basis of the operation of virtual currency, investors can only operate through the front-end interface, seemingly "control" the virtual currency. The operator of the virtual currency service organization may become the actual controller of the virtual currency through the control code

bitcoin and other so-called "virtual currencies" lack a clear value basis, the market is full of speculative atmosphere, the price fluctuates violently, and investors blindly follow suit, which is easy to cause capital losses

2. Evade supervision and become the "accomplice" of criminal activities:

bitcoin is popular as a payment tool in the so-called "dark web" world“ The "dark net" is full of all kinds of serious criminal activities. One of the original intentions of the invention of bitcoin is to evade regulation. It has the characteristics of anonymity and convenient cross-border flow, and has become the preferred tool of "underground economy"

the existence of bitcoin and exchanges and other instrial chains has constructed a illegal financial market for asset transfer and financing in addition to legal currency, increased the difficulty of regulatory authorities in managing financial security and stability, and promoted regulatory arbitrage and financial crimes. The risks and social security risks it brings to the financial market are far higher than its innovative value

extended information

virtual currency transactions are not protected by law:

according to the notice on preventing bitcoin risks issued by the people's Bank of China and other departments on December 3, 2013 and the announcement on preventing financing risks of token issuance issued by seven ministries and commissions including the people's Bank of China on September 4, 2017, virtual currency is not issued by monetary authorities, It is not a real currency because it does not have the monetary attributes of legal compensation and compulsion

in terms of nature, virtual currency should be a specific virtual commodity, which does not have the same legal status as currency, and can not and should not be used as currency in the market. Although citizens' investment and trading in other virtual currencies are personal freedom, they can not be protected by law

5. Gridcoin was released on January 30, 2014. The algorithm of script is 2.5 minutes per block, 5-150 per block, with a total of 168 million. Nominally, it is a foreign cryptocurrency, but it is uncertain whether it is developed and operated by the domestic development team. This is an unknown counterfeit coin, and there is not much innovation. Because of its small plate, Shanzhai coins are easy to be controlled by Dazhuang or the platform. It is very easy for the platform to circle money and run away or the Dazhuang platform to sell on a large scale. Finally, this kind of Shanzhai coins will die. It is suggested to stay away from this kind of counterfeit coin.

6.

blockchain currency

EOS is a blockchain operating system designed for commercial distributed applications. EOS is a new blockchain architecture, which aims to achieve the performance expansion of distributed applications. It is called blockchain 3.0. E0s is quite valuable for investment, and has been basically recognized by the currency circle. It can also be said that it is the three carriages of virtual currency

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precautions:

blockchain technology is still in an early stage, not only has not yet formed a unified technical standard, but also various technical solutions are in rapid development. However, the scalability of blockchain technology has not been tested by large-scale practice, and now it is still in the prototype design stage. Therefore, in a relatively short period of time in the future, there are still problems in the speed of blockchain, which can not meet the needs of large-scale commercial applications for the time being

market, there are bubbles in various virtual currencies, and investment must be cautious: virtual currency is not a real currency in itself. Although the virtual currency adopts the source technology of block chain, it has neither the endorsement of national power nor the actual use value. p>

7. Click the arrow on the right side of the touchbar to call up the complete control panel. A pair of touchable buttons are responsible for the brightness of the keyboard light. The keyboard light is embedded in the keyboard, only the words on the keyboard are luminous, and there is no light leakage around

8.

According to the news on January 19, the business management department of the central bank recently issued the notice on self inspection and rectification of providing payment services for illegal virtual currency transactions (hereinafter referred to as the notice), requiring legal person Payment institutions within their jurisdiction to strictly prohibit providing services for virtual currency transactions and take effective measures to prevent payment channels from being used for virtual currency transactions

according to the "notice" on the Internet, all legal person Payment institutions carry out self inspection and rectification work in their own units and branches from the date of document release, strictly prohibit providing services for virtual currency transactions, and take effective measures to prevent payment channels from being used for virtual currency transactions. At the same time, the notice requires that all units should strengthen the daily transaction monitoring, timely close the payment channels of relevant transaction subjects for the discovered virtual currency transactions, and properly handle the funds to be settled, so as to avoid mass incidents

in addition, the notice pointed out at the end that all units should report the self inspection situation and the measures taken to the business management department on January 20, 2018