In a recent meeting, the Korea Financial Intelligence Unit (KoFIU) has appealed to the local crypto industry to amplify their actions against illegal activities. According to Rhee Yunsu, the KoFIU Commissioner, the information was unveiled about the new “strategic analysis team”, which will focus on the more systematic discovery and analysis of crypto-related crimes.
The upcoming plan is that KoFIU can offer more comprehensive and actionable data to law enforcement and investigators. The crypto industry was also cautioned about enhancing their compliance capacity in this meeting. This is considered imperative; a more powerful response to these illegal activities is fundamental.
The meeting was attended by five big names of South Korea’s crypto industry, including their local crypto exchanges Upbit and Bithumb. All these strides arrive just after the creation of a joint crypto crime unit by the South Korean government, which promises to operate from the Seoul Southern District Prosecutors’ Office.
South Korea has traditionally played a substantial role in the crypto market, offering a fertile ground for companies in the space and cultivating a substantial interest among investors. However, recent times have witnessed a sterner stance by the authorities against transgressions in the industry.
Hence, it’s not surprising that the offices of local exchange, Bithumb, have been raided by prosecutors, alleging them of price manipulation in the crypto market. Also, actions have been taken against Terra founder and Korean national Do Kwon, who was apprehended in Montenegro for trying to leave the country with a forged passport.
While these measures undeniably indicate a firmer regulatory stance in one of the world’s most active crypto markets, they also underscore the reality that the landscape is far from a “wild west” scenario. Nonetheless, it remains to be seen how these stringent rules might impact the innovative strides that the country has become known for in the crypto domain. It’s not a simple game of “good” and “bad” but rather a complex interplay involving market growth, investor protection, technological innovation, and crime prevention.
Source: Cryptonews
