🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

South Korea Launches Crypto Crime Task Force to Tackle Rising Scams

Published 26/07/2023, 15:21
South Korea Launches Crypto Crime Task Force to Tackle Rising Scams

  • South Korea launches Joint Investigation Centre for Crypto Crimes.
  • The unit team targets high-volatility crypto, illegal trading practices, and tax evasion.
  • The damages from crypto crimes surged 118% in South Korea over the last five years.

South Korea has taken a decisive step to combat the escalating wave of crypto crimes by launching an interagency investigation unit called the Joint Investigation Centre for Crypto Crimes.

According to the country’s Prosecutor’s Office, a dedicated team of approximately 30 experts from judicial, financial, tax, and customs agencies will staff this pioneering unit. The Prosecutors’ Office lamented that cryptocurrencies have become comparable to stocks as investment products. However, market participants have been deprived of legal protection due to incomplete laws and systems. The statement read:

Virtual assets are investment products that already compare to stocks, but market participants are practically left out from legal protection amid incomplete laws and systems.

Notably, until the regulatory framework for the crypto market is solidified, the investigation team aims to bridge the gap in investor protection. …

The post South Korea Launches Crypto Crime Task Force to Tackle Rising Scams appeared first on Coin Edition.

The post South Korea Launches Crypto Crime Task Force to Tackle Rising Scams appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.