South Korea’s New Reform Party Promises Stronger Measures Against Crypto Fraud

On June 17th, the newly established right-wing political party in South Korea, the New Reform Party, announced plans to impose heavy penalties on those involved in financial fraud and scams, particularly individuals engaged in cryptocurrency fraud, housing contract fraud, and stock market manipulation.

During the 13th Supreme Committee meeting held in the National Assembly on June 17th, the leader of the New Reform Party, Heo Eun-ah, stated that the party is committed to adopting a US-style criminal code for these types of economic criminals, so that they can be punished by "more than 100 years of imprisonment" under the law. Heo Eun-ah criticized the leniency of the South Korean legal system in punishing such criminals, citing the recent case of Do Kwon, the founder of Terraform Labs, as an example.