South Korea creates a team to stop cryptocurrency crimes.
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Countries are fighting against crypto currency fraud, and South Korea has made the latest move.
South Korea has formed a team of investigators to fight crypto crimes due to a rise in illegal activities and the need for better protection for investors in the crypto sector, as reported by Reuters.
The South Korean Prosecutor’s Office announced that they have created a “Joint Investigation Center for Crypto Crimes.” The unit will be managed by around 30 personnel from different institutions.
Digital assets, like equities, are seen as comparable investment products. However, the current laws and systems leave market participants without adequate legal protection. To address this issue, we established the investigation center, which aims to bridge the gap in investor protection until the cryptocurrency market is regulated by law.
The need for such a center arose due to a significant surge in losses from crypto-related crimes in South Korea. Over the past five years, these losses have increased by 118%, reaching 1.02 trillion won ($797.81 million) in 2022. Furthermore, suspicious transactions linked to criminal activities on local cryptocurrency exchanges also saw a dramatic increase, rising from 66 in 2021 to 900 in 2022, a staggering surge of 1,263%.
The prosecution stated that following the Terra (LUNA) crash last year, the cryptocurrency market decreased by 66%.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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