South Korea Planning Permanence for Crypto-Crime Investigative Unit 🚨
South Korea is taking a stand against the rise of cryptocurrency-related crimes in the country. Reports suggest that the nation is considering elevating the temporary crypto-crime investigative unit to a permanent department in order to combat the escalating concerns.
Country Witnesses Troubling Trends in Crypto Criminal Activities 📈
During the past year, crypto companies in South Korea reported more than 16,000 instances of suspected illegal activities, marking a 40-fold increase. The issue of crypto security has become a pressing matter following reports revealing a rapid surge in illicit crypto-related activities associated with local crypto firms. Particularly alarming is the fact that out of the 17,764 reported suspicious transactions in 2023, there was a 49% increase from the previous year.
- The Financial Services Commission (FSC) highlighted a significant increase in virtual asset-related crime cases, reporting a surge of about 90%.
- Virtual asset-related crimes have resulted in damages exceeding 5.3 trillion won over the past five years.
Japan Set to Establish Joint Virtual Asset Crime Investigation Unit 🕵️♂️
In response to the alarming statistics, the South Korean government plans to set up the Joint Virtual Asset Crime Investigation Unit in collaboration with the Justice Ministry and the Ministry of the Interior and Safety. The aim is for this unit to be officially recognized and to operate continuously.
- The unit, previously functioning under the District Prosecutor of Seoul on an emergency basis, is likely to undergo enhancements.
- Appointing more prosecutors and allocating budget resources are expected to boost the unit’s efficiency.
Joint Virtual Asset Crime Investigation Bureau 🕵️♀️
Established in July 2023, the Joint Virtual Asset Crime Investigation Bureau consists of over 30 professionals from seven financial and tax regulatory entities. It plays a crucial role in investigating the criminal aspects of digital assets in South Korea.
Enforcement of Crypto Regulations and Protection of Investors’ Interests 🛡️
South Korea implemented its first public law aimed at comprehensive crypto regulation on July 19. The objective is to safeguard investors’ interests and combat illegal activities within the crypto market. The new regulation includes stringent penalties, including the possibility of life sentences for certain cases of market manipulation.
Cracking Down on Crypto Criminal Activities 🔒
As South Korea strengthens its legislative framework and bolsters the authorities’ capabilities to combat crypto crime, a clear message is sent to criminals that their actions will not be tolerated. The country is committed to ensuring the safety and integrity of the digital asset ecosystem.
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