A lawmaker from the Democratic Party of South Korea introduced a bill that would require financial influencers to disclose their asset holdings and any compensation received when promoting cryptocurrencies or investment products on social media.
According to local outlet Herald Business, Kim Seung-won, a member of the National Policy Committee, proposed amendments to the Capital Markets Act and the Virtual Asset User Protection Act. The initiative targets those who regularly offer investment recommendations through social media, mass publications, or broadcasts.
Crypto influencers would be required to declare the types and amounts of cryptocurrencies and financial products they hold, while the specific details of the requirements would be established through presidential decree.
Penalties for non-compliance would be aligned with those currently in place for capital market offenses, such as price manipulation and front-running. Kim argued that some influencers spread inaccurate information and act in their own interest, harming investors.
Source: https://biz.heraldcorp.com/article/10682156?ref=naver
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