The Korea Financial Intelligence Unit (KoFIU) urged the country’s crypto industry to intensify their efforts in combatting illegal activities during a meeting held on Thursday.
KoFIU Commissioner Rhee Yunsu announced the establishment of a dedicated “strategic analysis team” focused on crypto-related crimes.
The team aims to enhance systematic identification and analysis of illicit activities in the crypto sector, enabling KoFIU to provide more valuable data to law enforcement and investigators, as stated by South Korea’s Financial Services Commission.
During the meeting, KoFIU stressed the need for the industry to bolster its compliance capacity and enhance its response to illegal activities.
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Five prominent companies from South Korea’s crypto industry, including local crypto exchanges Upbit and Bithumb, were present at the gathering.
Coincidentally, the meeting took place just one day after the South Korean government formed an interagency investigation unit specifically targeting crypto crimes.
The joint unit, operating from the Seoul Southern District Prosecutors’ Office, comprises 30 investigators from agencies such as the Prosecutor’s Office, the Financial Supervisory Service, the National Tax Service, and the Korea Customs Service.
Traditionally a crucial market for cryptocurrencies with significant investor interest and numerous crypto companies, South Korea’s authorities have recently adopted a tougher stance towards the industry.
In response to concerns over potential misconduct, prosecutors had previously conducted raids on the offices of Bithumb, alleging price manipulation in the crypto market.
Additionally, the country took action against Do Kwon, the founder of Terra and a Korean national, who was found guilty of attempting to leave the country using a forged passport.
Presently, Do Kwon is in custody in Montenegro due to the legal actions taken against him.
In light of the evolving regulatory landscape and the growing importance of the crypto market in South Korea, both KoFIU and the newly formed joint crypto crime unit are determined to ensure the industry operates with integrity and transparency.
By intensifying efforts to prevent illegal activities, they aim to maintain a secure and reputable environment for crypto-related businesses and investors in the country.
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