when

<p><a href="https://www.cryptopolitan.com/crypto-scandal-rocks-south-korea/" rel="noopener noreferrer nofollow">South Korea</a> has witnessed a 48.8% increase in reports of suspicious cryptocurrency transactions in 2023 compared to the previous year. According to a recent report by the Financial Intelligence Unit (FIU), the country recorded 16,076 crypto transactions suspected of being linked to illegal activities such as money laundering, market manipulation, or the illegal drug trade. This uptick in reporting is attributed to the FIU’s efforts to foster active communication with local cryptocurrency service providers, encouraging them to report suspicious activities.</p>
<h2 class="wp-block-heading" id="strong-enhanced-monitoring-and-regulatory-efforts-strong"><strong>Enhanced monitoring and regulatory efforts</strong></h2>
<p>The FIU’s report highlights the increase in suspicious transaction reports and a significant rise in the number of crypto crime cases forwarded to law enforcement agencies for investigation, which saw a<a href="https://www.fsc.go.kr/no010101/81712?srchCtgry=&amp;curPage=&amp;srchKey=&amp;srchText=&amp;srchBeginDt=&amp;srchEndDt=" rel="noopener noreferrer nofollow" target="_blank"> 90% increase year-over-year</a>. The FIU is taking proactive steps to strengthen its monitoring and regulatory framework in response to the growing concern over cryptocurrency-related crimes.</p>
<p>A notable initiative is the development of a new system designed to immediately suspend suspicious virtual asset transactions pending investigation by local prosecutors. The FIU aims to complete preliminary research for adopting this system by March, signaling a robust approach to curbing crypto crimes.</p>
<p>Furthermore, the South Korea Customs Office has shed light on the role of virtual assets in illegal foreign exchange transactions. According to their findings, approximately 88% of such illegal activities involved cryptocurrencies, with perpetrators using digital assets to conceal transaction settlements and evade taxes. In response, the customs authority has established a dedicated team to combat cryptocurrency-related crimes, underscoring the government’s commitment to addressing this issue comprehensively.</p>
<h2 class="wp-block-heading" id="strong-south-korea-intensifies-crackdown-on-crypto-crimes-strong"><strong>South Korea intensifies crackdown on crypto crimes</strong></h2>
<p>The escalation in crypto crime reports comes when South Korea is <a href="https://www.cryptopolitan.com/south-korea-stricter-on-crypto-executives/" rel="noopener noreferrer nofollow">tightening its grip</a> on cryptocurrency regulations. The Financial Services Commission, the nation’s top financial regulator, has issued a stern warning against crypto criminals.</p>
<p>It stated that those guilty of committing illicit market acts could face severe criminal punishments, including life imprisonment, under the country’s new law for protecting crypto investors, set to take effect on July 19. This legislative move reflects the government’s resolve to protect investors and maintain the integrity of the cryptocurrency market.</p>

South Korea sees a 49% rise in crypto crime reports in 2023

目錄

Cryptopolitan_News

在 2024年2月14日發表的其他文章

Intense Competition for Top Spot in US Bitcoin ETF Market

Coinbase Announces It Will Suspend Trading in This Altcoin, Price Reacts!

Ripple Acquires Another Custody Firm: Details

SEC Chair Gensler Provides Sparse Details on Ethereum ETF Progress

DeFi Trading Bots to Swarm 2024: Bitbot Tipped as Hottest New Crypto

Ethical hackers launch initiative to tackle crypto theft

訂閱免費電子報，每天收取加密貨幣最新動態！