The Financial Intelligence Bureau announced in a report on Wednesday that South Korean authorities received a 48.8% increase in suspicious transaction reports from crypto service providers last year compared to 2022.
In 2023, the country reported 16,076 virtual currency transactions suspected of involving activities such as money laundering, market manipulation, and illegal drug trafficking. FIU is explained This increase in numbers is likely the result of active communication with local businesses to encourage such reporting.
The FIU added that the number of suspected crypto crime cases handed over to law enforcement for investigation has increased by 90% year-on-year.
Be prepared for cryptocurrency crime
The FIU is considering creating a new system to immediately suspend suspicious virtual asset transactions before local prosecutors investigate. The report states that the aim is to complete a preliminary study for introduction in March of this year.
Meanwhile, South Korean customs announced today that virtual assets were involved in about 88% of illegal foreign exchange transactions, some of which used cryptography to hide transaction settlements for tax evasion, according to a local news agency. did. United. According to Yonhap News, customs authorities recently formed a new team dedicated to tackling virtual currency crimes.
Last week, the country's top financial regulator, the Financial Services Commission, warned Cryptocurrency criminals who engage in illegal market activities could face criminal penalties, including life imprisonment, once national legislation kicks in. New law to protect crypto investors July 19th.
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About the author
Danny Park is The Block's East Asia reporter, writing on topics such as Web3 development and encryption regulation in the region. He was previously a reporter for Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has produced written and video content for media companies in South Korea, Hong Kong, and China. He holds a bachelor's degree in journalism and business and his marketing degree from the University of Hong Kong.
