South Korea’s New Reform Party Promises Tougher Measures Against Crypto Scams

South Korea’s newly formed right-wing political party, the New Reform Party, has announced plans to impose heavy penalties on those involved in financial fraud and scams, particularly targeting individuals involved in cryptocurrency scams, housing contract scams, and stock market manipulation. During the 13th Supreme Committee meeting held at the National Assembly on June 17, New Reform Party leader Heo Eun-ah said the party is committed to adopting a US-style criminal code for such economic criminals, with a maximum penalty of “more than 100 years in prison.” Heo Eun-ah criticized the South Korean legal system for being too lenient with such criminals, citing the recent case of Terraform Labs founder Do Kwon as an example. (MTO)