The proposed move would expand authority and resources to combat rising crypto-related crimes.
South Korea Moves to Expand Crypto Crime Task Force
South Korea is set to strengthen its crackdown on crypto-related crimes by converting its temporary task force into a permanent investigative unit.
Government Push for Stronger Enforcement
The Ministry of Justice plans to amend the Enforcement Decree of the Prosecutor’s Office Act, allowing the Joint Investigation Department (JIU) for Virtual Asset to operate permanently with expanded authority.
Growing Need for Crypto Crime Oversight
The task force, first established in July 2023, has played a key role in investigating crypto-related financial crimes, leading to dozens of indictments and the seizure of $97.5 million worth of illicit assets.
Expected Launch by March 2025
Discussions to institutionalize the unit began in mid-2024, with the Seoul Southern District Prosecutors’ Office expected to finalize the transition by March 2025.
Strengthening Crypto Regulations
South Korea remains one of the most heavily regulated crypto markets, enforcing strict anti-money laundering (AML) policies and cracking down on unfair trading practices following scandals like the Terra-Luna collapse.
Public Feedback on New Measures
The Ministry of Justice will collect public feedback on the proposal until February 5, 2025, before finalizing legislative revisions.
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