South Korean Govt. Crack Down on Illegal Cryptocurrency Businesses

April 21, 2021

The South Korean government will take action against illegal crypto organizations just like all types of illegal tax avoidance and tricks that include cryptocurrency. The Office for Government Policy Coordination (OPC) reported the implementation Monday. The specialists are focusing on all criminal behavior including virtual assets during an uncommon authorization period from April to June. The authorization is related to a crypto-related law that became effective recently. 


The OPC explanation is an affirmation that different state organizations will be given the power to explore, screen, and rebuff crypto organizations, or virtual asset service providers (VASP). The state will likewise decide in the coming months which VASPs are genuine and which will be considered illicit. The law requires VASPs to enlist financial specialists, which sounds straightforward yet the screening cycle is relied upon to be thorough. 


The choice to carry out such a crackdown was made on April 16 during an OPC-drove meeting with delegates of different government organizations, including the Ministry of Economy and Finance, the Ministry of Science and ICT, the Justice Ministry, and the National Police Agency (NPA). The Financial Services Commission (FSC) has the power to screen all inflows and surges of cryptocurrency. The FSC’s Financial Intelligence Unit (FIU) will dissect information from trades and report any dubious exchanges to analysts, police agents, and the public assessment service. 


The Ministry of Economy and Finance and the Financial Supervisory Service (FSS), which is under the FSC, are at present attempting to decide if such exchange exchanging abuses the country’s unfamiliar trade laws. The Korea Communications Commission, which is designed according to the Federal Communications Commission in Washington, has been entrusted with observing on the web movement for illicit crypto exchanging. The Personal Information Protection Commission, coordinated by the Office of the Prime Minister, will explore VASPs’ own information assurance frameworks.



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