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- South Korea is set to make its crypto crime unit permanent.
- The crypto crime unit currently operates as a temporary body.
- Making the unit permanent will increase the efficiency of the unit.
South Korea is set to embrace the importance of digital asset regulations and vigilance with the decision to turn its temporary crypto crime unit into a permanent one, according to a report from a local media outlet.
According to the report from Segye Ilbo, South Korea’s Justice Ministry and the Ministry of the Interior and Safety are set to initiate discussions in early May regarding the decision to turn the Joint Virtual Asset Crime Investigation Unit into an official department.
It is important to note that the crypto crime unit currently operates as a temporary body under the Seoul Southern District Prosecutor’s Office and can be scratched out of existence when not being used. However, the report states that officiating the unit will boost its efficiency with the appointment of new prosecutors and budget allocation.
The Joint Virtual Asset Crime Investigation Unit was announced in July 2023 as South Korea’s first unit focused on crimes in the digital asset sector. It has around 30 experts from seven financial and tax regulatory authorities.
As per a February report by South Korea’s Financial Intelligence Unit, there is a significant surge in crimes related to virtual currencies in the region. 16,076 suspicious transactions were reported by local firms in 2023. This was a 49% increase from 2022.Moreover, the country is also set to debut its first comprehensive crypto regulation with the goal of protecting investors from the volatile nature of digital assets on July 19, as per a statement from the Financial Services Commission (FSC).
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