South Korea to Make its Crypto Investigation Unit Permanent

According to a local news report, South Korea is making efforts to make its temporary crypto investigative unit a permanent one in response to the rising number of criminal and fraudulent cases.

The Ministry of Justice and the Ministry of the Interior and Safety are planning to begin discussions in early May about promoting the Joint Virtual Asset Crime Investigation Unit to an official department, as reported by Segye Ilbo.

The aim of this promotion is to ensure that the unit’s status is secure, as it is currently functioning as a temporary organization under the Seoul Southern District Prosecutor’s Office and could be dissolved.

This change is also expected to increase efficiency by appointing new prosecutors and allocating a budget, according to Segye’s report.

The unit, which is made up of 30 experts from seven financial and tax regulatory agencies, was established in July 2023 as South Korea’s first investigative organization solely focused on digital asset crimes.