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South Korean Prosecution to Launch Joint Investigation Team for Virtual Asset-Related Crimes

South Korean prosecutors are set to launch a joint investigation team dedicated to virtual asset-related crimes at the end of July.According to the JoongAng Ilbo on July 11th, the prosecution plans to hold an inauguration ceremony for the team in line with the appointment of new prosecutors later this month.

It is understood that the Seoul Southern District Prosecutor's Office has already set up an unofficial preparatory organization to ensure that the joint team can be immediately deployed for practical work.

"The virtual asset joint investigation team will be responsible for investigating novel virtual asset fraud crimes that have recently been on the rise, as well as for legal reviews of whether coins involved in criminal activities have securities attributes," the media outlet reported.

This move comes amid growing concerns over virtual asset-related crimes in South Korea, particularly in light of the recent "Nth Room" sexual exploitation case which involved payments made in cryptocurrency. The government has been taking steps to strengthen regulations on the virtual asset industry, including implementing a mandatory real-name verification system for cryptocurrency transactions.

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