South Korea to Upgrade Crypto Crime Unit as Suspicious Transactions Surge

South Korea to Upgrade Crypto Crime Unit as Suspicious Transactions Surge

BlockchainRegulation

By Jakub Lazurek

29 Apr 2024 (3 months ago)

1 min read

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South Korea plans to make its crypto crime unit permanent amid rising fraud

South Korea is advancing its crypto regulation efforts by planning to transform a temporary crypto crime unit into a permanent department. This decision follows a surge in suspicious activities reported by cryptocurrency firms, with last year’s figures showing a 49% increase. The nation’s top justice and safety authorities will discuss this move in early May, aiming to establish the Joint Virtual Asset Crime Investigation Unit as a full department.

This would ensure the unit's continuation and effectiveness, which is currently at risk as a temporary body. Originally established in July 2023, the unit includes experts from various financial and tax agencies and was South Korea's first to address crimes involving digital assets specifically. The urgency of this upgrade is underscored by the significant increase in reported suspicious transactions in 2023, which totaled over 16,000.

Alongside these organizational changes, South Korea is set to implement stringent crypto regulations on July 19. These new rules are designed to protect investors by imposing severe penalties for crimes such as market manipulation, up to life imprisonment for the most serious cases. This step is part of broader efforts to secure a more regulated and safe environment for digital currency transactions.

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