South Korea Establishes a Group to Fight Crypto Crimes
Main page News, South Korea, Cryptocurrency
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July 27, 2023

South Korea has just created a unit aimed at combating crypto-related crimes.

As reported by Reuters, the initiative is due to the increase in illegal activity in the digital asset market and the lack of legal protection for investors.

The joint center for crypto crime investigation will have 30 employees from judicial, financial, tax and customs authorities.

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According to the country's prosecutor's office, the structure will fill a gap in investor protection until the digital asset market begins to be regulated in accordance with the law.

The center will focus on investigations into highly volatile cryptocurrencies, illegal trading practices, tax evasion, unauthorized currency transfers, concealment of criminal proceeds and money laundering.

According to the agency, damages for digital asset-related crimes ranging from price manipulation to illegal currency transactions and Ponzi schemes have grown by 118% over the past five years to KRW 1.02 trillion ($797.81 million).

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