South Korea to Make Temporary Crypto Investigative Unit Permanent
Local media reports that South Korea is taking decisive measures to combat the surge in cryptocurrency-related crimes and fraud cases by moving to establish its temporary virtual asset investigative unit as a permanent entity.
This move comes amidst a surge in suspicious transaction reports from crypto companies. Over 16,000 reports were received last year, representing a 49% increase from the previous year.
According to a local report, South Korea is considering promoting its temporary crypto crime investigative unit, the Virtual Asset Joint Investigation Team, into a permanent department.
In response to an ongoing trial of South Korea’s altcoin issuer arrested on fraud charges, the Ministry of Justice and the prosecution are advocating for formally establishing the Virtual Asset Joint Investigation Team to enhance investigative capabilities. Notably, the Justice Ministry and the Ministry of the Interior and Safety are scheduled to commence discussions in early May regarding the elevation of the unit to an official department.
Currently operating under the Seoul Southern District Prosecutor’s Office as a temporary body, the unit faces the risk of dissolution. According to the report, elevating its status is anticipated to enhance efficiency. This will be done through the appointment of new prosecutors and improved budget allocation.
The Virtual Asset Joint Investigation Team, inaugurated on July 26, 2023, is tasked with investigating coin-related crimes. It comprises around 30 investigative experts from seven different organizations, including the prosecution and financial authorities. This team collaborates with various crucial entities in virtual asset crime investigations.
Despite the commendable progress
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