South Korean Police Arrest Suspected Crypto Scammer Preying on Housewives and Office Workers
South Korean police have arrested a 38-year-old man on fraud-related charges for allegedly scamming victims out of $218,000 by promising high profits through his crypto project. The suspect posed as the director of a famous stock trading company, a successful crypto trader, and even a well-qualified civil servant to dupe his victims, who were mainly housewives and office workers. He operated the scheme from September 2019 to August 2022 and frequented investment and crypto-themed group chats on the KakaoTalk chat app platform. The rise of crypto scams in South Korea has led to the formation of a new crypto scam-fighting unit and a pledge from the country's President to wage war on crypto-powered drug traders.
South Korean Lawmakers Pass Bill Requiring Officials to Disclose Crypto Holdings
South Korea has passed a bill that requires public officials to disclose their cryptocurrency holdings, in an effort to prevent illicit activities such as money laundering and conflicts of interest. The amendments to the National Assembly Act and the Public Service Ethics Act were prompted by a scandal involving lawmakers engaging in large cryptocurrency transactions.
South Korean Prosecutor-General Vows Thorough Review of Crypto Sector Amid Rising Public Suspicion
South Korea's Prosecutor-General, Lee Won-seok, has promised to conduct a thorough review of the crypto sector in response to rising public suspicion about politicians and their crypto holdings. Lee has pledged to tackle issues such as token listings on exchanges, investment problems, and speculation problems. He also stated that prosecutors would continue to tackle the drug problem and deal with possible legal infringements according to the law. The move comes amid a wave of outcry sparked by the Coin Gate scandal and allegations of senior lawmakers overseeing crypto-powered remittances to North Korea-linked parties.
South Korean Lawmakers and Officials To Declare Crypto Holdings Under New Bill
A new bill requiring South Korean lawmakers and high-ranking government officials to disclose their cryptocurrency holdings is expected to be implemented within the next two months. The People Power Party's Representative Yun Jae-ok has stated that the scheduled date for introducing the new crypto declaration rules, which is currently set for December, is not prompt enough. Yun Jae-ok has also called for a new clause to bring the date of enforcement forward before it is voted upon. The new bill was proposed following a major scandal involving government official Kim Nam-kuk, who was accused of liquidating more than $4 million worth of crypto assets before the country began enforcing its "Travel Rule" in March.
South Korean Prosecution Service to Use New Blockchain Analytics Software to Catch Crypto Launderers Overseas
South Korea's prosecution service is planning to purchase new blockchain analytics software to catch people laundering cryptocurrency overseas. The Supreme Prosecutor's Office has opened a bidding process for the project, which it has named the "Advanced Cyber Investigation System". The new tools will be used to apply the same level of scrutiny to overseas exchanges as is currently applied to domestic exchanges. Law enforcement and judiciary spending on blockchain analytics tools is on the rise in South Korea, with police and prosecutors quadrupling their spending on tools that help them monitor crypto transactions.
South Korean Ruling Party Proposes Public Officials Disclose Crypto Holdings in New Bill
Lawmakers from South Korea's ruling party have proposed a new bill that would require public officials and candidates to disclose their cryptocurrency holdings. Currently, officials are only required to disclose assets such as cash, stocks, and bonds worth over 10 million Korean won. The proposed amendment would expand the scope of assets subject to reporting to include virtual assets, and would also impose limits on the amount an official involved in the crypto sector can invest. The move comes amid an ongoing scandal involving a former lawmaker from the opposing Democratic Party who is being investigated for campaign finance violations, tax evasion, and concealment of criminal proceeds related to his hidden crypto possessions and transactions.
The Special Committee for Political Reform in the South Korean National Assembly Has Passed a Bill That Includes Cryptocurrency in Legislators’ Private Interest Registration
According to Yonhap News Agency, the first subcommittee of the National Assembly's Political Reform Special Committee held a bill review this morning and unanimously passed a parliamentary legal amendment that requires elected members of the National Assembly to register their virtual assets with the National Assembly Ethics Committee. The amendment aims to include virtual assets in the subject of the "private interest registration" of legislators under current legal provisions to prevent potential conflicts of interest in related legislative activities. The special committee for reform will hold a plenary session later today to pass the amendment and plans to finally approve the bill at the plenary session on May 25th.
South Korean Exports and Imports Drop in May, Trade Balance Records $4.3 Billion Deficit
According to data from the customs agency, South Korean exports and imports in the first 20 days of May decreased by 16.1% and 15.3%, respectively, compared to the same period last year. The country's trade balance for May 1-20 resulted in a $4.3 billion deficit. This decline in exports marks the seventh consecutive month of annual decreases, which has negatively impacted South Korea's trade-dependent economy.
South Korean Lawmakers Push for Stricter Regulation of Digital Assets After Gruesome Murder Case
South Korean lawmakers are calling for stricter regulation of digital assets following a murder case involving cryptocurrency-related losses. The incident has added urgency for the nation's first standalone crypto bill, which could be passed in a parliamentary vote later this month. The proposed Virtual Asset User Protection Bill combines 19 different crypto-related bills and outlines clear legal definitions of virtual assets, imposes penalties for offenses such as insider trading and market manipulation, and grants the country's Financial Services Commission power to oversee crypto companies and custody of assets. The bill also requires digital asset firms to take out insurance to protect themselves from hacks and imposes tighter rules on reserve funds and account keeping.
South Korean Lawmakers May Have to Declare Crypto Holdings Following "Coin Gate" Scandal
South Korean lawmakers may soon be required to declare their cryptocurrency holdings following a scandal involving MP Kim Nam-kuk, who has been accused of suspicious crypto trades worth $4.5 million. The National Assembly's Political Affairs Committee has co-created a resolution that would establish a "voluntary" system for reporting cryptoasset holdings, but it is expected to become a de facto mandatory protocol.
