South Korea on the frontline in the fight against crypto-crimes
Date: 2024-04-30 Author: Gabriel Deangelo Categories: IN WORLD
South Korea intends to strengthen its efforts in the fight against crypto-crimes by transforming the temporary crypto-crime investigation unit into an official department. According to local media reports, the Ministry of Justice and the Ministry of Internal Affairs and Security of the country plan to begin discussions on this in early May.
Discussion of future steps
Plans for the creation of a new department involve the transfer of the existing Joint Virtual Asset Crime Investigation Unit to the status of an official department. This change will be aimed at strengthening the structure, increasing efficiency and making better use of budgetary resources.
The temporary unit was created in July 2023 as the first local authority to specialize in the investigation of crypto-crimes. Consisting of 30 experts from seven financial and tax regulators, the department is a key force in the fight against digital asset crime.
Increase in suspicious transactions
In February 2024, a noticeable increase in suspicious crypto transactions in South Korea recorded an increase in the attention of cryptocurrency mechanisms among criminals. This fact confronts the authorities with the need to strengthen measures to control and combat illegal operations.
In light of increased government scrutiny, some crypto platforms, including Crypto.com, are being forced to rethink their strategies. Postponing the launch in South Korea was one of such steps taken by the company in response to new challenges and regulatory requirements.
