The Korean Financial Intelligence Service teamed up with five local virtual asset service providers, including Upbit and Bithumb, to strengthen the response to illegal activities.
South Korea has launched an interagency investigation unit to combat crypto-related crimes. The government said today that South Korean authorities will work to support virtual asset service providers’ compliance efforts and fight related crime.
Cybercrime activities will be increased
The Korean Financial Intelligence Service, an agency dedicated to combating money laundering and terrorist financing, held a meeting to strengthen the compliance capacity of virtual asset service providers, according to a statement released today by the Financial Services Commission.
The meeting comes just a day after the country launched an interagency investigation unit to tackle crypto-related crimes. The interagency unit consists of at least 30 inspectors from the prosecution, the Financial Supervisory Service, the National Tax Service, and the Korean Customs Service, Yonhap news agency reported. Five domestic crypto service providers attended the meeting and reported their measures to deal with potential crime.
South Korea’s popular exchange, Upbit, said it uses artificial intelligence to help detect erroneous transactions, according to the statement. Another exchange, Bithumb, said it developed the exchange app to detect illegally matching orders and automatically turn off related features when it catches a distributed remote app.
