South Korean authorities create Task Force to prevent cryptocurrency crimes

Authorities in South Korea announced the introduction of a “Task Force” that will specifically work to counter the growing number of cryptocurrency-related crimes in the country. Crypto-specific crimes have shot up significantly in South Korea. Prosecutors in Seoul have responded by creating this Task Force to protect the fin-tech, cryptocurrency industry and individual customers who are often caught in virtual currency and initial coin offering [ICO] related frauds. Professional investigators and public prosecutors will work in tandem with the force. The Task Force will be given substantial authority within the police department. The Force will be allowed to track and freeze relevant accounts if evidence of their involvement in crypto-related crimes is presented. Furthermore, the information procured through this Task Force will be shared with local government authorities, and could even be used to enforce regulation within the industry in due course.

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