Crypto

South Korea to Form Crypto Investigation Unit Amid Crime Surge

Harshini

Check out the details of South Korea to form a crypto investigation unit amid the crime surge

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.

On the other hand, South Korea, the leading country ahead with crypto regulations, plans to introduce a comprehensive set of rules that will protect investors starting from July 19. Under the new law, there is a corresponding harsher punishment, which is a life term for certain constituents of market manipulation in the crypto industry.

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