Catenaa, Wednesday, January 29, 2025 – South Korean prosecutors will formally establish a dedicated crypto crime unit aimed at tackling digital asset fraud, market manipulation, and other illicit activities, according to local reports.
The Joint Investigation Unit (JIU) for Virtual Asset Crimes, currently operating as a temporary task force, will be officially upgraded to a permanent department within the Seoul Southern District Prosecutors’ Office by March 2025.
The move requires legal amendments, which the Ministry of Justice is set to implement through a revision of the Enforcement Decree of the Prosecutors’ Office Act.
Comprising prosecutors, financial regulators, and tax authorities, the JIU has already arrested 18 individuals, indicted 41 suspects, and seized $97.5 million in assets since its launch in July 2023. The Korea Exchange, Financial Supervisory Service, and Financial Intelligence Unit are among the agencies supporting the task force.
The decision comes amid a surge in crypto-related crimes, with officials citing the JIU’s effectiveness in prosecuting fraud cases and securing asset seizures. The Ministry of Justice is currently seeking public feedback and aims to finalize the transition by February 5.
