South Korean authorities received 48.8% more reports of suspicious transactions from cryptocurrency service providers last year compared to 2022, the Financial Intelligence Unit (FIU) said in a report Wednesday.
In 2023, there were 16,076 reported cases of cryptocurrency transactions suspected of being involved in activities such as money laundering, market manipulation, and illegal drug trafficking. F.I.U. explained The increase in numbers is the result of active communication with local businesses to encourage such reporting.
The FIU added that the number of cases of suspected cryptocurrency crimes handed over to law enforcement for investigation has increased by 90% compared to the previous year.
Prepare for cryptocurrency crime
The FIU is considering establishing a new system to immediately stop suspicious virtual asset transactions before prosecutors investigate. The report stated that the goal is to complete preliminary research for system introduction in March of this year.
Meanwhile, the Korea Customs Service announced today that about 88% of illegal foreign exchange transactions involve virtual assets, some of which used cryptocurrencies to conceal transaction settlements for tax evasion, according to local news agencies. Union. Yonhap News reported that the Korea Customs Service recently formed a new team dedicated to responding to cryptocurrency crimes.
Last week, the Financial Services Commission, the country’s top financial regulator, warned Cryptocurrency criminals who commit illegal market activities may face criminal penalties, including life imprisonment, once national law enforcement begins. New law to protect cryptocurrency investors On July 19th.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.