The Korea
Financial Intelligence Unit (KoFIU) has spurred the country’s crypto industry
to expedite actions in countering illegitimate activities.
Sequel to
this, the intelligent unit has announced the establishment of a dedicated strategic
analysis team focused on crypto-related offenses.
South
Korea’s Financial Services Commission made it clear that the essence of establishing
the team is to boost a systematic identification and analysis of illegal
activities in the crypto sector, enabling KoFIU to provide more valuable data
to law enforcement and investigators.
KoFIU underscored
the need for the industry to enhance its compliance capacity and amplify its
response to illegal activities.
In a
meeting held some days ago, five prominent crypto companies from South Korea were
present.
In view of
the snowballing regulatory landscape and the growing importance of the crypto
market in South Korea, both KoFIU and the newly formed joint crypto crime unit
are committed to certify that the industry operates with integrity and
transparency.
The reinvigoration
of efforts to preclude illegal activities is aimed at maintaining a secure and
reputable environment for crypto-related businesses and investors in the
country.
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