South Korea Boosts Efforts to Combat Cryptocurrency Crime

South Korea is strengthening its measures to combat cryptocurrency-related crime, with a focus on preventing the misuse of anonymous 'dark coins'. To achieve this goal, the country's authorities have established a new partnership between financial institutions and law enforcement agencies.

The Financial Supervisory Service (FSS) and Korea Customs Service have joined forces with nine major credit card companies to share real-time data on overseas transactions. This collaboration is expected to disrupt transnational criminal operations and reduce cross-border financial crime.

Additionally, the National Police Agency has issued guidelines for managing dark coins, which often require specialized hot wallets or software wallets. The guidelines aim to improve custody practices and prevent losses associated with these types of assets.