South Korea plans to turn its temporary cryptocurrency crime investigative team into an official department. The Justice Ministry and the Ministry of the Interior and Safety are driving this attempt. It is anticipated to initiate discussions in early May to turn the Joint Virtual Asset Crime Investigation Unit into an official government department.
The unit was founded in July 2023 and employs about thirty specialists from seven financial and tax regulatory organizations. It is the first investigative agency in South Korea tasked with looking into crimes involving digital assets.
Until it is granted a permanent status, this unit which is presently operating under the temporary supervision of the Seoul Southern District Prosecutor’s Office may be dissolved. The purpose of the proposed modification is to improve the effectiveness of operations by designating more prosecutors and providing a specific budget.
The establishment of the permanent department is evidence of South Korea’s commitment to combating the rising threat of cryptocurrencycurrency related crimes. It demonstrates its proactive approach to policing the expanding digital asset market.
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