TechFlow news: According to the Korea Customs Service on January 8, it jointly established the "Virtual Asset Illegal Foreign Exchange Transaction Prevention Committee" with five major domestic virtual asset operating companies and the "Digital Asset Exchange Joint Agreement Body." Through strengthened cooperation with relevant authorities and virtual asset operators, the committee will actively combat crimes related to illegal foreign exchange transactions involving virtual assets.
Statistics show that in 2022, the Korea Customs Service uncovered 15 cases related to illegal foreign exchange transactions involving virtual assets, amounting to 567.17 billion KRW; in 2023, it uncovered 21 cases totaling 145.68 billion KRW.
At the meeting held that day, the Korea Customs Service reported on the current status of responses to illegal foreign exchange transactions involving virtual assets, shared case studies, introduced anti-money laundering systems related to virtual asset operators, and discussed collaboration strategies. The Korea Customs Service stated it will strengthen oversight not only on illegal overseas remittances but also on tax evasion, money laundering, and illicit transfer of assets abroad through malicious use of virtual assets, contributing to establishing a fair market order.
Additionally, through ongoing cooperation with relevant organizations, the committee aims to completely prevent criminal acts such as using virtual assets for money laundering in telephone scams and other crimes, thereby preventing greater losses to the public.
