South Korea Boosts Crypto Regulation: Special Task Force

South Korea Boosts C

South Korea Crypto Regulation Boom: Upgrades Crypto Watchdog Team

The South Korean Ministry of Justice is now planning to create a whole special unit dedicated to tackling cryptocurrency crimes.They set to enforce a Decree of the Prosecutor’s Office Act, which will enable the Joint Investigation Department (JID) for Virtual Asset to become a permanent body with increased resources, according to a report from local media. 

The government intends to officially elevate this task force to a full department within the prosecution service by February or March 2025.

With the constant rise in popularity of crypto. Crypto-related crimes are also increasing day by day. Keep an eye on the South Korean government acknowledged the growing need for a more systematic and coordinated approach. So, the government will allow the JIU to become an official entity with more resources. Amid growing interest in cryptocurrencies, South Korea, is taking steps to strengthen its Crypto regulatory framework.

South Korea’s JIU Cracks Down on Crypto Crimes

The Joint Investigation Unit (JIU) was already working on cyber crypto crimes, but it wasn't a different department. JIU has made significant strides in the past year for virtual asset crimes, It has indicted 41 individuals, arrested 18, and seized a range of assets, including Bitcoin, altcoins, and luxury items, totaling approximately 141 billion South Korean won ($97.5 million).

Crypto Overtakes Stocks in South Korea

The craze of digital assets is booming in South Korea. In recent developments, cryptocurrency trading in South Korea has experienced a significant rise, surpassing traditional stock market activities. On December 2, 2024, retail crypto trading volumes reached $18 billion within 24 hours, exceeding the country's stock market trading volume by 22%. With such a boom in crypto, it is too essential to establish a proper department to regulate it. 

FSC Greenlights Corporate Crypto Investment, Strengthens Regulations

The South Korean Financial Services Commission (FSC) recently announced plans to enable corporate investment in crypto assets, a move that has sparked renewed optimism in the market. Previously, regulatory uncertainty and market fluctuations had led to a cautious approach from investors. Amid this growing interest in cryptocurrencies, South Korea, is also taking steps to strengthen its Crypto regulatory framework. Authorities now plan to upgrade the existing Crypto Task Force into a full-scale investigative unit. With these developments, South Korea continues to position itself as a key player in the global digital asset landscape, balancing regulation with the growing adoption of cryptocurrencies.

Also read: Spell Wallet Daily Puzzle 01 February 2025: Earn Reward of 1 MANA
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