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South Korea has launched the Joint Investigation Center for Crypto Crimes to fight escalating cryptocurrency misconduct. The investigation team will comprise 30 individuals from the customs, tax, financial, and judicial agencies.
With around 6 million individuals interacting with crypto and 9 million involved in stocks, South Korea has strengthened its cryptocurrency regulation to prevent tragedies like the LUNA crash.
The official statement highlighted that digital assets are investment products like stocks. Nonetheless, incomplete laws have deprived market players of legal protection.
The joint team aims to ensure investor protection while waiting for the crypto regulatory framework to solidify. The investigation will concentrate on various elements, including tax evasion, illegal trading, cryptocurrencies of massive volatility, money laundering, and unlicensed exchange transfers.
Bad crypto actors to face prison terms
The new law suggests that individuals partaking in unfair virtual assets trading can face fines and prison terms. The illegal acts include using undisclosed information, illicit transactions, and price manipulation.
Meanwhile, the updated regulatory framework will start operating in July 2023.
Authorities confirmed that around 6.27 million citizens participated in crypto as of 2022-end, accounting for 19 trillion won ($14.8B) market cap. Nonetheless, the lack of legislation has seen cryptocurrency crimes soaring.
South Korean crypto investors have lost over 5.3 trillion won over the last five years due to illegal undertakings within the marketplace.
The post South Korea reinforces crypto regulation with new crime investigation unit appeared first on Invezz.
