Korea and the US concur to exchange Terra investigation data.
South Korean Justice Minister Han Dong-hoon recently visited New York City to discuss various ways the two countries can cooperate in investigating financial crimes, including cryptocurrencies. Respect Securities and Goods Task Force Co-Chair Andrea M. Graceold reported a local newsletter to the US law office in southern new -York with Scott, the head of bond and frauds of the same office. The magazine stated that both parties discussed ways to exchange information and strengthen cooperation to ensure timely action on the number of frauds related to securities. The two sides reportedly agreed to share their latest research data on Terra, a crypto project researched in both countries.
Terra’s $ 40 billion environmental disasters is under scrutiny by both countries. The United States recently launched a new investigation into the founder of Terra Do Kwon, while South Korean prosecutors are investigating a range of allegations, including fraud, market manipulation and tax fraud. The cooperation between the two countries is the first of many, as crimes related to cryptocurrency have recently attracted the attention of legislators. South Korea has become one of the strictest countries in terms of cryptocurrency regulation, enforcing strict Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines.
A new cryptocurrency monitoring committee should be established in Korea, according to The Terra Saga, to assess newly listed cryptocurrency ventures. Many analysts believe that regulators would favour centralised stable currencies over algorithmic currencies as a result of TerraUSD Classic’s (USTC) collapse. These crimes, which frequently include cross-border transactions and money laundering, are becoming more challenging to track down and look into due to the absence of defined crypto legislation. As an illustration, in 2019 a Dutch university paid 200,000 Bitcoins (BTC). Three years after the attack, investigators were able to follow one of the wallets to Ukraine, where they then had to cooperate with local authorities to reclaim the assets.