Amid growing concerns about illegal activities in the cryptocurrency market, South Korean authorities are intensifying their efforts to bring harmonization among cryptocurrency service providers.
South Korea Takes Steps to Strengthen Compliance and Fight Crypto-Related Crimes
The government has emphasized the need for regulatory measures and has taken significant steps to combat crypto-related crimes in the absence of appropriate legislation.
The Korean Financial Intelligence Unit (KoFIU), a private agency dedicated to combating money laundering and terrorist financing, recently held an advisory body meeting to “strengthen the compliance capacity of virtual asset service providers.”
The Financial Services Commission has released a statement highlighting the government's commitment to supporting compliance efforts and curbing illegal activity.
In a proactive move to combat crypto-related crimes, South Korea has established an interagency investigative unit made up of investigators from the prosecution, Financial Audit Service, National Tax Service, and Korean Customs Service.
This unit will work together to address and respond to the growing challenges posed by illegal activities in the cryptocurrency space.
At the KoFIU meeting, Commissioner Rhee Yunsu emphasized that surveillance efforts regarding virtual assets should be supported.
It announced the establishment of a strategic analysis team focused on virtual assets aimed at systematically analyzing criminal activity involving cryptocurrencies.
The team's analysis aims to provide investigative authorities with valuable data to effectively combat crypto-related crimes.
*Not investment advice.
