South Korea is taking proactive measures to deal with the surge in cryptocurrency-related crimes by contemplating the transformation of its short-term crypto-crime investigative unit right into a everlasting division, as per a neighborhood report. The nation witnessed a considerable enhance in suspicious transaction experiences from crypto firms, prompting the federal government to reinforce its efforts in combating fraudulent actions.
According to a report by Segye Ilbo, the Justice Ministry and the Ministry of the Interior and Safety are set to start discussions in early May relating to the elevation of the Joint Virtual Asset Crime Investigation Unit to an official division. By formalizing the unit’s standing, which presently operates beneath the Seoul Southern District Prosecutor’s Office, South Korea goals to bolster its effectiveness by means of the appointment of extra prosecutors and price range allocation.
Established in July 2023, the unit contains roughly 30 specialists from seven monetary and tax regulatory authorities, marking South Korea’s first devoted investigative physique centered on digital asset crimes. According to a February report by South Korea’s Financial Intelligence Unit, the nation has noticed a big enhance in crypto-related legal actions. Local crypto firms reported 16,076 suspicious transactions in 2023, marking a 49% surge from the earlier 12 months.
Moreover, South Korea is about to implement its inaugural complete crypto regulation on July 19, geared toward safeguarding traders. The new regulation imposes stricter penalties for market manipulation, together with the opportunity of life sentences in sure circumstances. These initiatives underscore South Korea’s dedication to curbing illicit actions within the cryptocurrency area and fostering a safer setting for traders and stakeholders.
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