- South Korea plans to formalize its crypto investigative unit, the Virtual Asset Joint Investigation Team, at the Seoul Southern District Prosecutors' Office.
- The team, collaborating with multiple national agencies including the FIU and National Tax Service, underscores the critical need for cross-organizational efforts in curbing virtual asset fraud and crime.
To fight the rising crypto-related crimes and fraud, South Korea is set to solidify its crypto investigative unit. The Ministry of Justice and the prosecution aim to formally establish the Virtual Asset Joint Investigation Team at the Seoul Southern District Prosecutors' Office to enhance its investigative capabilities.
According to Korean-language media coverage, Segye Ilbo, the Ministry of Justice and the Ministry of Public Administration and Security have initiated the process to upgrade the Virtual Asset Merger Unit, currently a non-official temporary organization, to a formal Virtual Asset Merger Department. The two ministries are scheduled to meet early next month to discuss formalizing the virtual asset joint venture.
Launched on July 26th last year, the Virtual Asset Joint Investigation Team is the inaugural dedicated body focused intensively on investigating cryptocurrency-related crimes. It collaborates with seven organizations, including the Prosecutors' Office, Financial Supervisory Service, Financial Intelligence Unit (FIU), National Tax Service, Korea Customs Service, Korea Deposit Insurance Corporation, and Korea Exchange, underscoring the necessity for cross-organizational cooperation in virtual asset crime investigations.
The joint virtual asset team, c of around 30 investigative experts, was initially led by Chief Prosecutor Lee Jeong-ryeol, a 'blue belt' certified professional in securities and finance.
Edited by Harshajit Sarmah
