#SouthKoreaCryptoPolicy South Korea is known for its strict approach to cryptocurrency regulation and active law enforcement. The country’s police departments play a key role in combating cryptocrime, which has grown in parallel with the popularity of digital assets.

Main activities and powers:

* Fraud investigation: South Korean police investigate large-scale crypto-scam schemes, including those that lure investors with false promises of high returns or through misleading marketing campaigns. An example of this is the exposure of schemes selling virtual assets to YouTube subscribers.

* Anti-money laundering: Cryptocurrencies are often used for money laundering, and the police work closely with South Korea’s Financial Intelligence Unit (FIU) to track and disrupt such activities.

* Fugitive apprehension: Authorities actively search for and detain individuals involved in cryptocrime who are attempting to escape justice, often abroad. The case of Do Kwon (co-founder of Terraform Labs) is illustrative – he was arrested in Montenegro on an international arrest warrant issued by South Korea and the US.

* Control over unlicensed platforms: South Korea has strict requirements for the registration of crypto exchanges. The police, together with the FIU, investigate and take action against foreign platforms that operate without the necessary license, even by blocking their access.

* Cooperation with international authorities: Given the global nature of cryptocrime, the South Korean police cooperate with Interpol and other international law enforcement agencies.

Penalties for cryptocrime in South Korea can be severe, including life imprisonment for individuals who have amassed large profits from illegal schemes. The goal is to protect investors and maintain the stability of the financial system.😎