South Korea Crypto Regulation Boom: Strengthening Crypto Oversight

The South Korean Ministry of Justice is gearing up to enhance its efforts against cryptocurrency-related crimes by establishing a dedicated special unit. This move involves enforcing the Decree of the Prosecutor’s Office Act, which will upgrade the Joint Investigation Department (JID) for Virtual Assets into a permanent body with expanded resources, as reported by local media.

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

Rising Crypto Crimes Prompt Stronger Action

As the popularity of cryptocurrencies continues to surge, so do crypto-related crimes. Recognizing the urgent need for a systematic and coordinated approach, South Korea is taking decisive steps to strengthen its regulatory framework. By making the JID a permanent entity with increased resources, the government aims to combat illicit activities more effectively.

South Korea’s JIU Targets Crypto Crimes

The Joint Investigation Unit (JIU) has already been tackling cyber and crypto-related crimes, but it was not an independent department. Over the past year, the JIU has made significant progress in curbing virtual asset crimes, indicting 41 individuals, arresting 18, and seizing various assets—including Bitcoin, altcoins, and luxury items—worth approximately 141 billion South Korean won ($97.5 million).

Crypto Surpasses Stock Market Trading in South Korea

The digital asset boom in South Korea has led to a remarkable shift in trading activity. On December 2, 2024, retail cryptocurrency trading volumes soared to $18 billion within 24 hours, surpassing the country’s stock market trading volume by 22%. Given this rapid expansion, establishing a robust regulatory body has become more crucial than ever.

FSC Approves Corporate Crypto Investments, Tightens Regulations

In a significant development, the South Korean Financial Services Commission (FSC) has announced plans to allow corporate investment in crypto assets. This decision has renewed market optimism, particularly after previous regulatory uncertainty kept institutional investors cautious. As interest in digital assets continues to grow, South Korea is intensifying its regulatory framework by transforming its existing Crypto Task Force into a fully operational investigative unit.

With these advancements, South Korea is solidifying its position as a major player in the global crypto landscape, striking a balance between regulation and adoption.

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