South Korea: Crypto Crimes Cost $2.28B Since July 2017

The South Korean Justice Ministry estimates that cryptocurrency-related crimes have triggered 2.69 trillion gained (about $2.28 billion) of economic harm between July 2017 and June 2019.

In response to a July 21 report by English-language native media The Korea Herald, the ministry claimed that 132 cryptocurrency-related criminals and fraudsters had been indicted and detained, with one other 288 indicted with out bodily detention in the course of the aforementioned time-frame.

The report states that, whereas Justice Minister Park Sang-kim has ordered stern measures towards cryptocurrency criminals, an absence of clear rules on cryptocurrency exchanges has led to a rise in using quasi-anonymous or opaque accounts. 

Regardless of a ban on nameless crypto alternate accounts in January final yr, minor exchanges reportedly began utilizing so-called “beehive accounts” to avoid the regulation.

Exchanges using these form of accounts hold person funds on their company financial institution accounts, preserving the identification of their customers non-public. The federal government reportedly proposed to finish the observe, however a courtroom halted the initiative ruling that it might be inappropriate for the federal government to shut the alternate’s company financial institution accounts.

As Cointelegraph reported earlier this month, South Korea’s main bank card agency Shinhan Card was granted a patent for a blockchain funds system.

On July 1, information broke that Busan, South Korea’s second most-populous metropolis after Seoul, is contemplating the launch of an area cryptocurrency in collaboration with BNK Busan Financial institution, a subsidiary of native holding firm BNK Monetary Group.

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