South Korea’s number of suspicious crypto transactions increased by 49% in 2023
Last year, there were 16 076 crypto transactions suspected of being involved in illegal activities
![South Korea’s number of suspicious crypto transactions increased by 49% in 2023](https://storage.getblock.net/source/1/M-UG5V3KF_WccpARHtez_-3QtiHKsdls.webp)
14.02.2024 - 15:38
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What’s new? South Korean authorities received 48,8% more suspicious transaction reports from cryptocurrency service providers in 2023 than in 2022, according to a report by the Financial Intelligence Unit (FIU). Last year, for instance, the country recorded 16 076 crypto transactions suspected of being involved in activities such as money laundering, market manipulation, or drug trafficking.
What else is known? The FIU emphasized that in 2023, the number of crypto crime cases referred by the agency to law enforcement for investigation increased by 90% compared to last year.
FIU is going to create a new system that will immediately block suspicious transactions involving virtual assets before local prosecutors begin investigating. The report says the agency intends to complete preliminary studies to implement the program in March 2024.
![Korean authorities have toughened penalties for violating the law protecting crypto users](https://storage.getblock.net/source/1/5Ko317xG5AA5hh2eCNJ9J2du-yypNSFb.png)
Korean authorities have toughened penalties for violating the law protecting crypto users
One can get up to life imprisonment for market manipulation, fraud, and insider trading on a large scale
Earlier this month, the FIU proposed tougher regulation of digital asset exchanges, specifically implementing FATF rules to block suspicious crypto transactions during pre-trial investigations.
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