Article: South Korean Government Announces Crackdown on Illicit Crypto-Related Transactions in an ‘Overheated Market’

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South Korean Government Announces Crackdown on Illicit Crypto-Related Transactions in an ‘Overheated Market’

Felipe Erazo, 10 April 2021

According to Chosun, the South Korean Government met with politicians, law enforcement, and financial watchdog authorities to take down illicit transactions from what they named an “overheated market.”

The meeting was led by the Second Deputy Secretary of State Moon Seung-wook, who called authorities from the Financial Services Commission, the Ministry of Strategy and Finance, the Ministry of Justice, and the National Police Agency.

The purpose of the reunion was to address the “current situation of the virtual asset markets” in South Korea. They concluded that it’s a must to launch a campaign against market manipulation, money laundering, and tax evasion via cryptos.

But the rule won’t cover only domestic exchanges. In fact, the government wants to strengthen international cooperation with Interpol to monitor illicit transactions coming from overseas crypto exchanges.

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