South Korea is battling the growing cases of cryptocurrency-related scams and fraud by creating a one-year investigation team into a permanent one, a local report stated. The government's Justice Ministry and the Ministry of the Interior and Safety are due to have their first round of talks on upgrading the Joint Virtual Asset Crime Investigation Unit at the beginning of May into an established bureau.
The new promotion agenda is to boost its status, as the division is temporary and directly under the Seoul Southern District Prosecutors Office. So, it depends on those for its sustainability. The Department, which was instituted in July of this year, has roughly 30 members from seven financial and tax regulatory bodies. So, this is South Korea's first governmental agency to investigate crimes related to digital assets.
The state has suffered from terrorist terror, which has correspondingly increased cryptocurrency-related crime. The report, which the Financial Intelligence Unit of South Korea published in February, highlighted the results of their investigation and showed that last year, Korean crypto corporations reported 16,076 suspicious transactions, 49% or almost double the previous year's number.