South Korea has launched a special investigations unit to
combat the rising cases of criminal activities related to cryptocurrencies. The
multi-agency unit will reportedly protect the interests of the investors as the
country awaits proper regulations for the industry.
Dubbed the Joint
Investigation Centre for Crypto Crimes, the investigations unit comprises
professionals from the judicial, financial, and tax agencies, the South Korean Supreme Prosecutor’s Office said in a statement seen by Reuters.
According to the statement, the cryptocurrency sector in South Korea is growing fast, and digital assets currently compare to other investment products like stocks. However, the sector lacks proper legal protection for investors and has inadequate regulations. Thus, the investigations unit is expected to fill the regulatory gaps until proper laws are passed.
Specifically, the new
investigations unit will reportedly examine cryptocurrencies with high price
fluctuations and pursue the delisting of suspicious projects from the digital
asset exchanges. Additionally, the unit will tackle illegal trading practices,
unauthorized foreign exchange transfers, and money laundering.
Recently, South Korea
has seen a rise in cases of illegal…
