South Korea Allies With US On Crypto Related Crimes

South Korea and the US have agreed to enhance cooperation between the two countries’ law enforcement agencies in response to digital crimes related to cryptocurrency, ransomware and antitrust violations, Korea’s justice ministry says in a statement.

The pact was reached after South Korean Justice Minister Han Dong-hoon met with US Justice Department officials including Assistant Attorney General Kenneth A. Polite, Jr. and Assistant Attorney General Jonathan Kanter
The alliance may include cooperating on Terra collapse and North Korea’s hacking activities, a ministry spokeswoman said by phone.

Read More: Crypto Needs Common Sense Financial Regulation – Suggestions for 2022

Cryptocurrencies are not considered legal tender in South Korea, and exchanges, while legal, are governed by a strict regulatory framework.

The crypto asset market has been growing at a fast pace recently with such new types of coins made available to investors. Many countries are now looking into the impact the digital assets could have on the overall financial system.

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