South Korean authorities have referred 30 crypto market manipulation cases to prosecutors, the first major batch of referrals under the country's 2024 virtual asset law. The move signals that regulators are moving from rulemaking to active enforcement.
What the 2024 law changed
The 2024 virtual asset law gave South Korea's financial regulator new powers to investigate and punish market abuse. Before the law, enforcement was scattered across different agencies. Now the regulator can directly refer cases to prosecutors. This week's batch is the largest single referral since the law took effect.
The cases themselves
The 30 cases cover a range of alleged manipulation activities. The regulator didn't name specific exchanges or tokens involved, but the referrals include both individual traders and corporate entities. The cases were sent to prosecutors this week after months of investigation.
South Korea has one of the most active crypto trading markets in the world. The referrals are a clear warning: the 2024 law isn't just on paper. Prosecutors can now pursue criminal charges, which carry real prison time. That's a step up from the civil fines that were common before.
What happens next
Prosecutors will review each case and decide whether to indict. There's no set deadline. For now, the cases sit with prosecutors. How many result in indictments will be the next test of the law's teeth.
