South Korea aims to strengthen its approach to crypto-related crimes by transforming its existing task force into a permanent investigative unit. The Ministry of Justice is proposing amendments to the Enforcement Decree of the Prosecutor’s Office Act to facilitate this change, which would enhance resources and authority beyond its initial establishment in July 2023. Recognizing the growing complexity and prevalence of virtual asset crimes, authorities began discussions to institutionalize the unit in late 2024. The expanded Joint Investigation Team for Virtual Asset Crimes aims to improve the efficacy of investigations and prosecutions, with a launch expected by March 2025. Since its temporary formation, the task force has indicted 41 individuals and arrested 18, along with seizing assets worth $97.5 million. The plan includes increasing the number of prosecutors to handle the expanding workload. South Korea continues to implement stringent anti-money laundering measures and compliance regulations in its heavily regulated crypto market.

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