{"id":82200,"date":"2023-07-26T14:23:19","date_gmt":"2023-07-26T11:23:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82200"},"modified":"2025-09-12T03:37:04","modified_gmt":"2025-09-12T00:37:04","slug":"south-korea-forms-task-force-to-tackle-crypto-crime","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-korea-forms-task-force-to-tackle-crypto-crime\/","title":{"rendered":"South Korea forms task force to tackle crypto crime"},"content":{"rendered":"<p>South Korea has launched a unit to tackle cryptocurrency crimes. The initiative is prompted by a spike in illicit activity in the digital-asset market and a lack of investor protection, <a href=\"https:\/\/www.reuters.com\/technology\/south-korea-launches-interagency-investigation-team-tackle-rising-crypto-crimes-2023-07-26\/\"> Reuters<\/a> reports.<\/p>\n<p>The so-called unified interagency centre for crypto-crime investigations will be staffed by 30 personnel from judicial, financial, tax and customs authorities.<\/p>\n<p>The prosecutors said the centre would fill the investor-protection gap until the digital-asset market is regulated by law.<\/p>\n<p>The centre will focus on investigations into highly volatile cryptocurrencies, illegal trading practices, tax evasion, unauthorised transfers of foreign currency, concealment of criminal proceeds and money laundering.<\/p>\n<p>According to the agency, over the past five years the damage from digital-asset\u2013related offences \u2014 from price manipulation to illegal foreign-exchange operations and Ponzi schemes \u2014 has risen by 118% to KRW 1.02 trillion (<span data-descr=\"South Korean won\" class=\"old_tooltip\">KRW<\/span> ($797.81 million)).<\/p>\n<p>The number of transactions on local crypto exchanges suspected of being linked to crimes surged by 1,263% \u2014 from 66 in 2021 to 900 in 2022.<\/p>\n<p>In June 2023, South Korea&#8217;s parliament<a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-passes-bill-on-digital-assets\"> passed<\/a> a law protecting digital-asset users.<\/p>\n<p>The document consolidated 19 distinct bills related to cryptocurrencies. It defined liability for offences such as insider trading, market manipulation and unfair trading practices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korea has launched a group to combat crypto crime. The initiative comes amid a surge in illicit activity in the digital-asset market.<\/p>\n","protected":false},"author":1,"featured_media":82201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,36,974],"class_list":["post-82200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-regulation","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=82200"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82200\/revisions"}],"predecessor-version":[{"id":82202,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82200\/revisions\/82202"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/82201"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=82200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=82200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=82200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}