South Korean Customs Teams Up with Major Exchanges to Fight Illegal Cryptocurrency Transactions

To address the rise in illegal foreign transactions involving cryptocurrencies, the South Korean Customs Service has partnered with major exchanges such as exchange transactions Korea, Coinone, Korbit, Dunamu, and Streami. This partnership has led to the formation of the 'Virtual Asset Illegal Foreign Exchange Transaction Prevention Council.' Bithumb Established on January 8, 2024, the Council is designed to serve as a dedicated body that focuses on proactively tackling illegal foreign exchange activities linked to virtual assets. The initiative involves engaging with relevant institutions to gather insights before implementing necessary measures.

The Council comprises five leading virtual asset operators along with the Digital Asset Exchange Joint Advisory Group (DAXA), operating as a consultative entity that fosters collaboration among the parties involved. virtual assets into the formal financial system.

At the first meeting, the Korea Customs Service updated virtual asset businesses on strategies to fight foreign exchange crimes connected with virtual assets. Participants received detailed information about ongoing efforts

and the current regulatory framework, helping operators identify investigations potential risks associated with questionable transactions. potential risks \"By working closely with related organizations, our goal is to take a leading role in safeguarding the public from the harms caused by illegal practices, particularly in situations where virtual assets are used in money-laundering schemes such as voice phishing,\" stated a representative from the Korea Customs Service.

Stay informed about cryptocurrency trends in our

South Korea’s Approach to Regulating Digital Assets Airdrops Calendar .

The council aims to eradicate illegal actions where virtual currencies are used for money laundering, including proceeds from voice phishing schemes. The service reaffirmed its commitment to ongoing collaboration with relevant groups to protect innocent people from the fallout of illicit activities related to digital assets.

Concurrently, South Korea's Financial Supervisory Service is developing comprehensive regulations for digital assets, focusing on aspects like issuance rates, circulation metrics, and listing criteria. phishing crimes Ahn Byeong-nam, the head of the Digital Asset Research Team at the Financial Supervisory Service, took part in a policy discussion on the 'Enforcement and Responsibilities of the Virtual Asset User Protection Act' at the National Assembly in Yeouido, Seoul on January 8, 2024.

During this discussion, he highlighted, \"We are in the process of developing standards for issuance volume, circulation volume, and listing criteria,\" adding that this work has been ongoing for roughly six months in partnership with guidelines \"As we draft this legislation for the first time, it’s crucial that our guidelines consider diverse market characteristics—especially since multiple markets exist due to various exchanges, and the line between domestic and international markets is often blurred,\" Byeong-nam elaborated.

Virtual Asset Illegal Foreign Exchange Transaction Prevention Council

Please bear in mind that the information presented on this page is not intended to serve as legal, tax, investment, financial, or any other kind of advice. It is crucial to invest only what you can afford to lose and to seek independent financial guidance if you harbor any uncertainties. For more detailed information, we recommend reviewing the terms and conditions along with the help and support documentation provided by the issuer or advertiser. MetaversePost strives for accurate and impartial reporting, but please be aware that market conditions can change unexpectedly. exchanges and is nearing completion.

Victor serves as Managing Tech Editor/Writer at Metaverse Post, focusing on topics such as artificial intelligence, cryptocurrency, data science, metaverse developments, and cybersecurity within enterprises. With five years of experience in media and AI at renowned platforms like VentureBeat, DatatechVibe, and Analytics India Magazine, Victor also mentors media students at prestigious institutions like Oxford and USC. Armed with a master’s degree in data science and analytics, he remains thoroughly engaged with the latest trends.