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South Korea has finally announced a special investigatory body designed to deal with cryptocurrency crimes as a way to bolster financial safety and regulatory policing. The organization, under the watch of Seoul Southern District Prosecutor’s Office, is made up of 34 employees, which include 11 regulators.
Shoring Up Crypto Crime Investigations
From 2023, the unit had been working temporarily but achieved prominence after it handled effectively various high-profile cases. One of them was the arrest of shaman Gon Jin, whose scam activities attracted national media attention. The official launch of this unit proves that South Korea wants to deal with financial crimes in the crypto-asset sector.
Why This Matters
The emergence of cryptocurrency crimes, such as fraud, market manipulation, and illegal transactions, has led world governments to institute more stringent regulations. South Korea, which is highly active in regulating crypto, wants to strengthen market integrity and investor protection with this move.
With a specialized team of professionals, such as prosecutors and financial regulators, the unit is set to be at the forefront of detecting and prosecuting fraud. The action is part of South Korea’s overall plan to create a safe and transparent cryptocurrency environment.
The establishment of the unit is a clear indication of a strong stand against digital financial crimes, guaranteeing that investors and market players conduct their business in a secure and regulated environment.
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