South Korea Forms Task Force to Combat Crypto Crimes

South Korea Forms Task Force to Combat Crypto Crimes

South Korea’s Ministry of Justice has announced the formation of a special task force aimed at addressing the rising incidence of crypto-related crimes. This initiative marks a significant step towards curbing fraud and market manipulation within the cryptocurrency sector.

The task force, established in collaboration with local regulatory bodies, is set to tackle various issues including price manipulation, unregistered crypto exchanges, and deposit fraud. These fraudulent activities have increasingly impacted South Korean citizens, with illicit crypto activities already exceeding $1.6 billion this year, according to a regulatory document.

One of the task force’s primary goals is to dismantle schemes that promise high returns on crypto investments. To further protect crypto users, the Ministry of Justice is preparing to enforce the Virtual Asset User Protection Act, which will be implemented in July. This legislation is designed to safeguard the assets held by cryptocurrency users.

This new initiative highlights South Korea’s dedication to creating a transparent and secure environment for crypto trading. Despite the country’s relatively slow adoption of cryptocurrencies compared to other regions, this move signifies a strong commitment to regulatory oversight and user protection.

Additionally, there is growing pressure on South Korean financial regulators to approve cryptocurrency exchange-traded funds (ETFs), following the U.S. Securities and Exchange Commission’s recent approval of spot Ethereum ETFs. Jung Eui-jung, head of the Korean Stockholders’ Alliance, has called for the approval of Bitcoin and Ethereum ETFs, emphasizing the need for South Korea to align with global trends in cryptocurrency regulation.

In summary, South Korea’s Ministry of Justice is taking decisive action against crypto crimes with the formation of a dedicated task force, reinforcing the country’s commitment to fostering a safe and transparent cryptocurrency market.

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