Seoul Southern District Prosecutors' Office Launches Joint Investigation Unit for Virtual Asset Crimes... Formal Establishment of Official Organization
Composed of Over 30 Members Including Prosecutors and Financial Authorities
The Seoul Southern District Prosecutors' Office announced on the 27th that the Virtual Asset Crime Joint Investigation Team, which was a temporary organization, has been officially established as the Virtual Asset Crime Joint Investigation Department.
The Seoul Southern District Prosecutors' Office launched the Virtual Asset Crime Joint Investigation Department on the 25th. The department is composed of about 30 members, including prosecutors, investigators, personnel dispatched from financial authorities, and the National Tax Service. Based on the experience and expertise accumulated during the Virtual Asset Crime Joint Investigation Team period, it plans to focus on investigating virtual asset crimes such as unfair trading practices like market manipulation and scam coin fraud.
Currently, the virtual asset market is rapidly growing. As of November last year, the daily average trading volume of virtual assets in South Korea was 14.9 trillion KRW, with 15.59 million investors. This trading volume exceeds the KOSPI by 5 trillion KRW. The Virtual Asset Committee decided this month to allow corporations to trade virtual assets, which is expected to further expand the virtual asset market.
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Previously, the Southern District Prosecutors' Office established the Virtual Asset Crime Joint Investigation Team in July last year in line with the enforcement of the Virtual Asset User Protection Act, which specifies penalties for unfair trading practices such as market manipulation of virtual assets. So far, 74 individuals related to virtual asset crimes have been booked, and 25 have been detained.
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