South Korea's prosecution service will officially establish a cryptocurrency crime investigation unit.

BlockBeats News, January 29th, the South Korean prosecution service will officially establish a special department dedicated to addressing cryptocurrency crimes and punishing cryptocurrency price manipulators and fraudsters. The Virtual Asset Crime Joint Investigation Unit (JIU) operated by the Southern District Prosecutor's Office in Seoul will be formally launched "as early as February or at the latest in March."

The department was established as a temporary task force in July 2023. The latest move will effectively promote the joint investigation unit within the prosecution service to make it an independent organization.

South Korean government officials stated that the Ministry of Justice is ready to incorporate the existence of the new agency into law. The ministry will draft an amendment to the Prosecutor's Office Act Enforcement Decree, which could also "adjust the number of prosecutors assigned to the department," enabling the prosecution service to "effectively and systematically respond to virtual asset crimes."

The department is not only composed of prosecutors but also includes members from financial supervisory agencies and the Financial Intelligence Unit (FIU). Other government agencies are also involved, including the National Tax Service, the Korea Customs Service, and the Korea Deposit Insurance Corporation, with representatives from South Korean exchanges also joining the team. (Digital Today)