• Wed. Jun 7th, 2023

South Korea To Launch Massive-Scale Crackdown Operation Against Illegal Crypto Transactions

Apr 10, 2021

The south Korean Government decides to launch a full-scale crackdown operation against actively increasing illegal crypto transactions which are taking place in the heated market. The decision was formed with the consultation of politicians in which the majority voted in favor of the crackdown.

 South Korea is one of the top and leading countries of the world with regard to crypto adoption. The country is housing one of the busiest crypto industries of the world where daily crypto trade volume exceeds US$ 7 Billion. Apparently, the crypto industry is booming and skyrocketing in South Korea.

However, it was noticed by the South Korean Government that in the façade of the crypto rally, several illegal transactions too are taking place. Most of them have gone unnoticed and unchecked causing loss to the public and exchequer said an official of the South Korean Government.

In the context of stopping illegal crypto transactions to take place, a meeting was held between the Government and its officials. Several politicians from the ruling government as well as from the opposition side joined the meeting. The agenda of the meeting was told to be the launching of a nationwide crackdown operation against illegal crypto transactions. After discussion, the Government as well as the majority of the politicians endorsed the decision of the Government. Heads of law enforcement agencies, who were also attending the meeting, consented to the Government’s plans and actions against illicit transactions.

During the meeting the participants discussed the present crypto industry situation in South Korea. They all agreed that there is an apparent manipulation taking place in the crypto industry sector. In order to eliminate the aspect of manipulation, a wide-scale operation is necessary and essential for ensuring best practices. Issues of tax avoidance and money laundering too were duly discussed and debated in the meeting. It was noticed that in the country crypto is being abused and utilized for illegal purposes i.e. money laundering and tax evasion.

It was advised by the Government that while the crackdown operation is the need of the hour, but other aspects too have to be considered. For instance, the Government stated that task forces would be constituted within the Government. These task forces would be tasked to strengthen coordination and cooperation with international agencies via Interpol Services. The cooperation is essential for monitoring cross-border crypto transactions, said the Government.

The Government also clarified that the ultimate aim is to provide safeguards against public money. South Korean investors have been subjected to frauds therefore concrete steps should be taken so that they can reclaim their lost confidence. The Government took notice that currently there is no proper legal cover regarding crypto in the country. Eventually the government nor any state functionaries are able to provide any safeguards against crypto frauds.

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