According to Foresight News, South Korea's Justice and Interior Ministries are set to begin discussions in early May on the potential upgrade of the Virtual Asset Crime Joint Investigation Team to a formal department. Currently, the team operates as a temporary agency under the prosecutor's office in the southern part of Seoul and could potentially be disbanded.
The Virtual Asset Crime Joint Investigation Team was established in July 2023 and is composed of approximately 30 experts from seven financial and tax regulatory departments. It is the first investigative agency in South Korea that focuses on digital asset crimes.