South Korea Prepares Unit for Crypto Crimes
Apr, 2024

South Korea Prepares Unit for Crypto Crimes

South Korea has the point of interest during the last week as it has begin to create a new internal department for fighting crimes which are related with crypto scams.


In the country, more than 16,000 cases have been reported where there were scams or disputed transactions related with crypto exchanges. This number is almost 50 % higher than last year and this fact has risen concerns among government officials.


The punishments for crypto scams have began to become stricter as the cases are more and more every year. Indeed, the punishment for market manipulation could be up to life sentence.


As we see more and similar cases in the sector, the punishments and the regulatory framework is expected to become stricter.


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