FIU "Firm Response in Cooperation with Virtual Asset Crime Joint Task Force"

Promotion of Disclosure of Business Operator Sanction Records

On the afternoon of the 26th, at the annex of the Southern District Prosecutors' Office in Yangcheon-gu, Seoul, key attendees including Prosecutor General Lee Won-seok are unveiling the plaque at the official launch ceremony of the Joint Investigation Unit for Virtual Asset Crimes.
[Image source=Yonhap News]

The Financial Intelligence Unit (FIU) under the Financial Services Commission is cooperating with the Joint Investigation Team on Virtual Asset Crimes to take a firm stance against illegal activities related to virtual assets.

On the 27th, the FIU held a meeting of the Virtual Asset Service Providers (VASPs) Compliance Capacity Enhancement Council and announced plans to disclose the reasons and results of sanctions imposed on each virtual asset service provider.

Lee Yoon-soo, head of the FIU, stated, "The FIU has been managing and supervising virtual asset service providers under the reporting system to prevent money laundering. With the launch of the Joint Investigation Team, we will make every effort to strengthen the government's overall response posture."

The FIU plans to operate a "Virtual Asset Strategic Analysis Team" to promptly provide financial information related to virtual asset crimes to law enforcement agencies. First, the FIU intends to promote the disclosure of sanction reasons and results for each virtual asset service provider.

Additionally, considering major types of crimes related to virtual assets, the FIU will present inspection items and regularly disclose cases of illegal or unfair acts by virtual asset service providers.

Furthermore, the FIU added that it will strengthen detection and crackdowns on unregistered service providers by investigative agencies and support swift linkage to prosecution.

At the meeting, the five major virtual asset service providers?Upbit, Bithumb, Coinone, Korbit, and GOPAX?introduced their current status of responding to virtual asset crimes, including the Fraud Detection System (FDS) and detection functions for wash trading activities.

Prosecutors from the Joint Investigation Team also stated at the meeting, "We will collaborate with experts from each institution to analyze the issuance and distribution processes of poor-quality or fraudulent coins and swiftly investigate criminal suspicions to eliminate risk factors in the virtual asset market."

The Financial Services Commission plans to hold the council meetings every two to three months to communicate with prosecutors and virtual asset service providers.

This content was produced with the assistance of AI translation services.