South Korea Introduces New Anti-Crime Crypto Measures
March 12, 2019 12:26 pm
The South Korean Supreme Prosecutor Office (SPO) has taken serious measures to crack down on cryptocurrency based fraud and crimes in the country. This news was revealed by the Korean Broadcasting System (KBS) in a recent article.
Based on the information provided in this article, there is a new task force that will be responsible for carrying out investigations under the authority of SPO. This task force will look into cases of potential fraud, illegal money laundering, crimes, and other such activities within the scope of fintech and cryptocurrencies.
The decision to mobilize a specialized task force is due to the ever-increasing number of fraud and crime related incidents in the crypto space. As reported by South Korea’s Financial Supervisory Service, the number of reported cases of frauds and counter claims has jumped nine times from 53 back in 2016 to 453 in 2017.
What’s even more alarming is that in 2018 alone, the SPO registered 4,591 such cases. This was reported by Money Today, the economic news outlet on 5th March 2019. Countries like Japan has also seen a ten fold increase in cryptocurrency frauds, amounting to 7,000 reports in 2018.
Countries like Russia have introduced a mandatory identification process for cryptocurrency users. This process was introduced by Russia’s Duma Committee. Furthermore, the Russian President Vladimir Putin has been putting significant pressure on the government officials to adopt cryptocurrency-based regulations as early as July 2019.
It seems that the downtrend in the value of cryptocurrencies has little effect in the number of frauds and malicious activities. It remains to be seen what changes will these enforcements bring to crack down on such incidents.