South Korea to formally establish an investigation unit focused on digital asset crimes

The South Korean Ministry of Justice and the Ministry of Interior and Safety will begin discussions in early May to elevate the Joint Investigation Team for Virtual Asset Crimes to an official department. The purpose of this promotion is to solidify the department's position, as it currently operates as a temporary organization under the Seoul Southern District Prosecutor's Office and may be dissolved. The change is expected to improve efficiency through the appointment of new prosecutors and budget allocation, according to Sae-ki. The department is composed of about 30 experts from seven financial and tax regulatory agencies and was established in July 2023 as South Korea's first investigative agency focused on digital asset crimes.