South Korea is reportedly set to launch a specialized unit dedicated to combating cryptocurrency-related crimes.
According to local reports, the country’s Ministry of Justice published a proposal to establish the Joint Investigation Unit (JIU) for Virtual Asset Crimes as a full-fledged department within the prosecution service.
The unit was initially established as a temporary task force in mid-2023, and it has played a pivotal role in cracking down on crypto fraud. Over the past year, it has indicted 41 individuals, arrested 18, and confiscated assets—including Bitcoin, altcoins, luxury goods, and real estate—worth approximately 141 billion won ($97.5 million).
With the JIU’s growing workload, the Ministry officials believe formalizing the unit will enhance its ability to respond effectively to the increasing challenges in the crypto space.
The new unit will receive expanded resources, including additional prosecutors and collaboration with key regulatory bodies such as the Financial Supervisory Service, the Financial Intelligence Unit, and other government agencies.
The Ministry of Justice is currently seeking public feedback on the proposal, which is expected to introduce amendments to the Enforcement Decree of the Prosecutor’s Office Act. Officials from the Ministry reportedly stated that they plan to finalize the process and launch the new department by early March 2025.
Meanwhile, this move is the latest in a series of efforts by the South Korean government to strengthen its enforcement capabilities in the crypto sector. In December 2024, the country partnered with the United States to address cryptocurrency theft, particularly those crimes allegedly linked to North Korea. Both nations reportedly signed an agreement to establish a joint project involving researchers from South Korea and the U.S. This collaboration includes experts from Korea University and RAND Corporation, who will work together to develop advanced tracking systems for stolen cryptocurrencies. Additionally, they will investigate how cybercriminals launder illicit funds into digital assets through methods such as ransomware attacks. The program is expected to continue until 2026.
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