Officials claim that the Seoul Southern District Prosecutor’s Office currently lacks the resources necessary to adequately address crypto fraud, so they are temporarily entrusting this responsibility to another department. Prosecutors with backgrounds in virtual asset investigations will join the newly formed department, which will get additional funding from the budget.
Crimes involving cryptocurrency have been on the rise, which has South Korean authorities worried. The number of suspicious transactions involving virtual assets increased by 49% from 2022 to 2023, reaching over 16,000, according to official statistics.
New cryptocurrency regulations will go into effect in South Korea on July 19, 2024. Penalties for market manipulation of cryptocurrencies are being discussed, with the possibility of life sentences being considered.
Both of South Korea’s main political parties made campaign promises to local investors that they would enact policies to encourage the growth of the cryptocurrency industry in the run-up to the parliamentary elections.

South Korea is establishing a department to investigate cryptocurrency crimes.

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