South Korea Has Ordered Strict Sanctions For 5 Serious Crimes Related To Virtual Assets

Key Points:

• South Korea has ordered another serious handling of 5 serious crimes related to virtual assets.
• The prosecutor’s office will also increase the investigation and handling of illegal private financial crimes, which are also rising.
• Prosecutors are also planning to intensively investigate crimes of poor quality and cause significant damage, arrest those involved and actively take away criminal assets.

In the latest effort to establish order and ensure safety for investors, South Korea has ordered severe punishment for five significant crimes related to virtual assets.

Today, Korea’s highest prosecutor’s office held a “Meeting of Full-time Prosecutors of the National Prosecutor’s Office to Deal with Crimes That Caused Much Damage to the People” to discuss the eradication of virtual property crimes and illegal private financial crimes, according to Korean media.

The meeting was attended by 32 full-time prosecutors assigned to 27 public prosecutor’s offices across the country.

At the meeting, the Supreme Prosecutors’ Office identified “five types of cybercrime” that the prosecution will focus on going forward. These include investment fraud using the development of virtual currencies and NFTs as bait, pyramid schemes targeting the elderly linking real estate and other real estate speculation with virtual currencies, and using coins to spread false business plans and manipulate virtual asset balances and price markets.

The prosecutor’s office plans to focus on investigating criminal cases of a vicious nature on a large scale, arresting those involved in the case, and actively confiscating crime money.

In addition, prosecutors will strengthen investigations and tackle illegal private finance crimes that are also on the rise, such as unregistered lenders to ordinary people or usury threatening them by using the debtor’s personal information.

“We will continue to develop an effective investigation system to severely punish the criminals involved and protect the victims so that the public can enjoy economic life in their daily lives with peace of mind.”

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