South Korea’s top financial regulator established dedicated crypto investigation teams across the country last week.
Several South Korean financial authorities are planning to join forces to combat illegal operations involving cryptocurrencies like Bitcoin (BTC).The interagency crackdown comes in response to growing concerns over speculative investments and potentially illegal activities amid the ongoing boom in crypto markets, Koo Yun-cheol, head of the Office for Government Policy Coordination, said Monday.“There is a need to pay special attention to the occurrence of illegal activities using virtual assets,” he stated at a vice ministers’ meeting on crypto, according to local news agency Yonhap.As part of the crackdown — which is slated to continue until June — the Financial Services Commission will require local financial institutions to strengthen the monitoring of withdrawals of cryptocurrencies. Any susp
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