The South Korean Ministry of Justice and Ministry of Security and Public Administration are working to give their joint crypto-asset crime investigative unit permanent status.
The South Korean Ministry of Justice and Ministry of Security and Public Administration are working to elevate their crypto crime investigative unit to the status of a permanent department, according to a local press report.. The prosecutors in the current unit are associated with the Seoul Southern District Prosecutors’ Office. The unit currently has temporary status, which means that it could be dissolved at the government’s will.and has about 30 expert members.
It coordinates the activities of seven government agencies, including the Prosecutor’s Office, Financial Supervisory Service, Financial Intelligence Unit and National Tax Service.A permanent department would interact with domestic and international government agencies on an equal footing and could expect to see an increasing caseload after the Virtual Asset User Protection Act. That act foresees penalties of up to life imprisonment for crypto-related crimes involving more than 5 billion won .
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