PANews reported on January 29 that the South Korean prosecutors will formally establish a special unit dedicated to solving cryptocurrency crimes and punishing cryptocurrency price manipulators and fraudsters. The Joint Investigation Unit (JIU) for Virtual Asset Crimes, operated by the Seoul Southern District Prosecutors' Office, will be officially launched "as early as February or as late as March."

The unit was established as an ad hoc working group in July 2023. The latest move will allow the prosecution service to effectively promote the JIU as an independent organization.

South Korean government officials said the Ministry of Justice is ready to enshrine the existence of the new agency into law. The ministry will draft an amendment to the Prosecutor's Office Act Enforcement Decree, a move that may also "adjust the number of prosecutors assigned to the department," which will enable the prosecution to "effectively and systematically deal with virtual asset crimes."

The unit is not just made up of prosecutors, its members also come from regulatory agencies such as the Financial Supervisory Service and the Financial Intelligence Unit (FIU). Other government agencies are also involved, including the National Tax Service, the Korea Customs Service and the Korea Deposit Insurance Corporation, and the Korea Exchange also has representatives joining the team. (Digital Today)