The Korea Financial Intelligence Unit (KoFIU) has called for the Korean cryptocurrency industry to intensify their efforts in combating illegal activities. In a recent meeting, KoFIU Commissioner Rhee Yunsu announced the establishment of a specialized team dedicated to conducting in-depth analysis of crypto-related crimes. The ultimate goal is to provide law enforcement and investigators with more valuable and insightful data.

During the meeting, KoFIU emphasized the need for the industry to strengthen its compliance capacity. The agency highlighted the importance of bolstering responses to illegal activities within the crypto sphere. By prioritizing compliance and setting higher standards, the industry will be better equipped to prevent and address illegal behavior.

Industry Involvement

Representatives from five major companies in South Korea’s crypto industry participated in the meeting. This included prominent local crypto exchanges Upbit and Bithumb. The presence of these key players demonstrates the industry’s commitment to working closely with authorities to ensure a safer and more transparent cryptocurrency ecosystem.

Joint Investigation Unit

This meeting followed the recent establishment of an interagency investigation unit specifically targeting crypto crimes. Headquartered at the Seoul Southern District Prosecutors’ Office, the unit will consist of 30 investigators from various agencies, including the Prosecutor’s Office, the Financial Supervisory Service, the National Tax Service, and the Korea Customs Service. This unified approach aims to enhance the effectiveness of investigations and increase the chances of successful prosecutions.

While South Korea has long been a significant player in the crypto market, its regulatory authorities have recently taken a stricter stance towards the industry. Local exchange Bithumb, for example, had its offices raided by prosecutors on allegations of price manipulation. Additionally, Terra founder Do Kwon, a Korean national, faced legal action and is currently detained in Montenegro for attempting to leave the country using a fraudulent passport. These actions reflect the government’s determination to ensure that the crypto industry operates within legal boundaries.

The Korea Financial Intelligence Unit’s call for the crypto industry to intensify efforts in combating illegal activities is a significant step towards creating a safer and more transparent ecosystem. By establishing a specialized analysis team and promoting compliance, KoFIU aims to provide law enforcement with essential data to effectively address crypto-related crimes. With the backing of key industry players and the joint investigation unit, South Korea is positioning itself as a global leader in crypto regulation and enforcement.

Blockchain

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