As the possibility of illegal activities such as money laundering and fraud using the recent increase in the price of virtual assets (virtual currency) has increased, the government has set April to June as a’special enforcement period at the level of the criminal government’ and jointly prevent illegal activities, etc. It was announced on the 19th that it would intensively crack down.
The Financial Services Commission requires financial companies to monitor more closely when withdrawals occur after a virtual asset transaction, and the Financial Information Analysis Agency (FIU) promptly analyzes suspected illegal transactions related to virtual assets and informs investigative agencies and tax authorities. It was decided to strengthen the coordination system for crackdowns and investigations.
The Ministry of Strategy and Finance plans to strengthen inspections of violations of related laws such as the Foreign Exchange Transaction Act with the Financial Supervisory Service, and the police will intensively crack down on illegal activities such as multi-level illegal and investment fraud. It is expected to strengthen the expertise of the investigation, such as subdividing the department in charge of each type of virtual asset illegal activity and expanding the distribution of virtual asset tracking programs.
In addition, the FTC examines the terms and conditions of virtual asset providers to correct unfair terms and conditions that are unfavorable to investors, and the Korea Communications Commission cooperates with related ministries such as the Financial Services Commission to cooperate with related ministries such as the Financial Services Commission to cooperate with virtual asset-related investment fraud, similar receipts, and illegal online information such as unreported virtual asset business activities It was decided to block the distribution of the company through the Korea Communications Standards Commission.
The Personal Information Commission will continue to check the status of the virtual asset business’s handling of personal information and prevent further damage through immediate investigation in the event of personal information leakage.
In addition, the government will check the progress of reporting of existing virtual asset business operators that have been postponed until September 24, and establish an infrastructure for taxation of virtual asset income, which will be implemented from January next year. In order for the public to know the status of reports of virtual asset business operators, the status of reports received and repairs will be disclosed on the website of the Financial Information Analysis Institute (FIU), and support for verification of information security management system (ISMS) certification is also planned.
These are the contents discussed at the Vice Ministers’ Meeting of the Ministry of Virtual Assets, which was held on the 16th, presided over by the head of the Department of State Affairs and Coordination. Mr. Koo feared that there would be signs of overheating in the domestic virtual asset market, saying, “No one can guarantee the value of virtual assets, and virtual asset transactions are highly speculative rather than investments, so please judge carefully under your own responsibility.” Asked.
He also said, “Because there are illegal activities such as multi-level, similar reception, and fraud taking the name of real virtual asset investment, please pay special attention to this as well.”
The government plans to take immediate countermeasures if necessary while keeping an eye on the market trends of highly speculative virtual assets.
