ChainCatcher news, the South Korean Ministry of Justice announced the formulation of the "Partial Amendment to the Regulations on the Scope of Prosecutorial Investigation of Crimes," which will include virtual asset crimes within the direct investigation scope of prosecutors. The South Korean prosecution will directly investigate economic crimes, including those related to the "Virtual Asset User Protection Act." This law aims to protect virtual asset users and will take effect on July 19. Violators may face imprisonment for more than one year or fines.

ChainCatcher news, the Financial Intelligence Unit of South Korea held a meeting on "Enhancing the Authenticity of Suspicious Transaction Reports (STR) with Relevant Institutions." The six financial associations present introduced the current support status and improvement plans for enhancing the STR capabilities of their member companies across various industries. They unanimously agreed on the need to strengthen the support system at the industry level and to take stringent measures against the recent rapid increase in improper trading activities, including virtual asset crimes and price manipulation.

ChainCatcher news, according to Yonhap News Agency, South Korea's "Virtual Asset Crime Joint Investigation Team" has been officially established. South Korean Prosecutor General Lee Won-seok stated at the inauguration ceremony of the "Virtual Asset Crime Joint Investigation Team" that efforts should be made to eliminate risks in the early cryptocurrency market and stabilize its development. He emphasized that eliminating risks such as fraud and regulatory evasion, and improving market transparency and trust, can not only protect market participants but also contribute to the development of the national economy.

ChainCatcher news, according to Yonhap News Agency, the Supreme Prosecutors' Office of South Korea has identified five major types of crimes related to virtual assets that the prosecution needs to focus on in the future during a prosecutors' meeting. These include investment fraud using virtual currency and NFT development as bait, speculation in real estate, multi-level scams related to virtual currency targeting the elderly, dissemination of false business plans related to cryptocurrency, and manipulation of virtual asset balances and prices. (Source link)