South Korea introduced regulations to ease cryptocurrency trading and other businesses between traders, banks and exchanges. As we know there is a fine slip between the cup and the lip. In simpler words, it means that introducing regulations is not enough, having tools to fight crime is also important.Keeping this in mind, South Korean prosecutors announced that they were constituting a task force which would have the sole focus of fighting against cryptocurrency crimes, as reported by local daily, News1. The news portal reported that the new task-force is due to the recent surge of new similarity fraud and fraud crimes, which are investing in high value-added bait for business such as passwords and P2P.Explaining about the plan, the prosecution said, “We will disseminate the TF functions and roles through the inspection meetings and the video surveillance conferences with the heads of relevant departments in the future, and actively respond to crimes that cause widespread damage to ordinary people by examining the situation of investigations. I will do everything.”The task force will quickly establish an investigation and an investigation system with the prosecutors’ offices and to take steps to prevent damage, return crime income and recover the damage, as reported by the news portal.The need for a task force was escalated when a real estate developer caused a loss of KRW 34 billion in a local housing association due to a false contract.Earlier this year, two executives belonging to cryptocurrency exchange Komid were sentenced to prison when they were caught faking trade volumes. As per reported by News Asia: “Two executives of South Korean cryptocurrency exchange Komid were sentenced to jail on Thursday “for their roles in orchestrating fraudulent trading volume reports on their platform.”One of the executives was CEO of the exchange, Choi Hyunsuk who received a three-year jail term and the other executive got two years in prison. This is also the first instance when a representative of cryptocurrency exchange got jail term for allegedly inflating trading volumes.Liked what you read? Join us on Telegram
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