The Ministry of Justice and the Ministry of Internal Affairs of the Republic of Korea are going to discuss in early May the issue of transforming the temporary (https://www.segye.com/newsView/20240428508879?OutUrl=naver) unit for investigating crimes related to virtual assets into a separate department.
Now this function is temporarily performed by a department at the Seoul Southern District Prosecutor's Office, which, according to officials, does not have sufficient resources to effectively combat crypto fraud. The new department will receive more funds from the budget and will include prosecutors with experience in investigations in the field of virtual assets.
South Korean authorities are concerned about the rise in crimes related to cryptocurrencies. According to official statistics, over 16,000 suspicious transactions with virtual assets were recorded in 2023, which is 49% more than in 2022.
From July 19, 2024, new regulation of cryptocurrencies will be introduced in South Korea. We are talking about toughening penalties for manipulating the cryptocurrency market, up to life imprisonment.
Now this function is temporarily performed by a department at the Seoul Southern District Prosecutor's Office, which, according to officials, does not have sufficient resources to effectively combat crypto fraud. The new department will receive more funds from the budget and will include prosecutors with experience in investigations in the field of virtual assets.
South Korean authorities are concerned about the rise in crimes related to cryptocurrencies. According to official statistics, over 16,000 suspicious transactions with virtual assets were recorded in 2023, which is 49% more than in 2022.
From July 19, 2024, new regulation of cryptocurrencies will be introduced in South Korea. We are talking about toughening penalties for manipulating the cryptocurrency market, up to life imprisonment.
