ACT ON THE PROTECTION OF VIRTUAL ASSET USERS
CHAPTER V PENALTY PROVISIONS
조문단위인쇄
| Article 19 (Penalty Provisions) |
| (1) | Any of the following persons shall be punished by imprisonment with labor for a limited term of at least one year or by a fine equivalent to at least three times but not more than five times the profit gained or the loss avoided as a result of the violation: Provided, That the maximum fine shall be 500 million won if such person has neither gained profit nor avoided loss due to the violation; if it is impracticable to calculate such profit or loss; or if the amount equivalent to five times the profit gained or the loss avoided through the violation does not exceed 500 million won: |
| 1. | A person who uses material non-public information related to virtual assets for trading in such assets and engaging in other transactions or allows other persons to use it, in violation of Article 10 (1); |
| 2. | A person who engages in any of the following acts referred to in any subparagraph of Article 10 (2) with the intent to mislead other persons into believing that virtual assets are actively traded or otherwise cause others to make a wrong judgement, in violation of that paragraph; |
| 3. | A person who misleads anyone into believing that virtual assets are actively traded or engages in trading, entrusts, or is entrusted to manipulate or fix the market prices of those assets with the intent to encourage the trading of virtual assets, in violation of Article 10 (3); |
| 4. | A person who engages in acts referred to in any subparagraph of Article 10 (4) regarding the trading of virtual assets and other transactions. |
| (2) | Any of the following persons who engaged in the trading or other transactions of virtual assets issued by himself or herself or a related person, in violation of Article 10 (5), shall be punished by imprisonment with labor for a limited term of up to 10 years or by a fine equivalent to at least two times but not more than five times the profit gained or the loss avoided due to the violation: Provided, That the maximum fine shall be 500 million won if such person has neither gained profit nor avoided loss due to the violation; if it is impracticable to calculate such profit or loss; or if the amount equivalent to five times the profit gained or the loss avoided through the violation does not exceed 500 million won. |
| (3) | If the profit gained or loss avoided as a result of the violation under paragraph (1) exceeds 500 million won, imprisonment with labor under paragraph (1) shall be aggravated as follows: |
| 1. | If the profit gained or loss avoided is at least five billion won: Imprisonment with labor for an indefinite term or for at least five years; |
| 2. | If the profit gained or loss avoided is at least 500 million won, but less than five billion won: Imprisonment with labor for a limited term of at least three years. |
| (4) | If the profit gained or loss avoided as a result of the violation under paragraph (1) exceeds 500 million won, imprisonment with labor under paragraph (2) shall be aggravated as follows: |
| 1. | If the profit gained or loss avoided is at least five billion won: Imprisonment with labor for a limited term of at least three years; |
| 2. | If the profit gained or loss avoided is at least 500 million won, but less than five billion won: Imprisonment with labor for a limited term of at least two years. |
| (5) | If imprisonment with labor is imposed under paragraphs (1) through (4), the suspension of qualification and a fine may be imposed concurrently. |
| (6) | The profit (including unrealized profit) obtained or loss avoided as a result of the violation referred to in paragraphs (1) and (2) means the difference calculated by deducting the total transaction costs from the total income earned from the transaction conducted in violation of these provisions. In such cases, detailed calculation methods for each type of violation shall be prescribed by Presidential Decree. |