South Korea plans to transform its temporary crypto crime investigative unit into an official department. The Justice Ministry and the Ministry of the Interior and Safety are leading this initiative. It is scheduled to initiate discussions in early May to transition the Joint Virtual Asset Crime Investigation Unit into an official government department.
This unit, which currently operates under the temporary jurisdiction of the Seoul Southern District Prosecutor’s Office, could be disbanded unless it is given a permanent status. The proposed change aims to enhance operational efficiency by appointing additional prosecutors and allocating a dedicated budget.
Established in July 2023, the unit is staffed by approximately 30 experts from seven financial and tax regulatory bodies. It represents South Korea’s first investigative body dedicated to tackling crimes involving digital assets.
Once the Joint Investigation Department is officially operational, problems with the appointment of new temporary prosecutors or limitations in budget allocation are expected to be resolved.
This move comes in response to a significant increase in crypto-related criminal activities. Companies working with local cryptocurrencies reported over 16,000 suspicious transactions in 2023 alone.
The creation of the permanent department attests to South Korea’s determination to check the growing challenge of cryptocurrency crimes. It shows its proactive position in regulating the growing digital asset market.
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