The Ministry of Justice has assembled a powerful task force to take down the rising tide of fraud and market manipulation in the world of cryptocurrency.
In a bold move to protect its citizens and strengthen the integrity of the cryptocurrency industry, South Korea is taking decisive action. The Ministry of Justice has joined hands with local regulatory bodies to launch a special task force dedicated to cracking down on market manipulation and fraud in the digital currency realm.
The task force, as revealed in a regulatory document, has its sights set on tackling three major threats: price manipulation, unregistered crypto exchanges, and deposit fraud. These cunning schemes have been wreaking havoc on unsuspecting citizens, and South Korea is determined to put an end to it.
Shockingly, the amount involved has reached a staggering $1.6 billion in just this year alone. The government has launched a task force to crack down on these deceitful schemes that lure in unsuspecting investors with promises of high returns.
Also, the Ministry is taking further steps to safeguard the assets of crypto users. With the impending implementation of the Virtual Asset User Protection Act this July, individuals can rest assured that their investments will be protected from any potential threats.
Embarking on a groundbreaking new endeavor, South Korea is reaffirming its dedication to cultivating a clear and open playing field for cryptocurrency trading. Despite trailing behind other global hubs in embracing digital currencies, this move showcases the country’s determination to stay ahead of the game.
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The crypto world is buzzing with anticipation as South Korean financial regulators are feeling the heat to give the go-ahead for cryptocurrency exchange-traded funds (ETFs). This comes after the U.S. Securities and Exchange Commission’s recent approval of spot Ethereum ETFs, setting a precedent for other countries to follow suit.
Jung Eui-jung, head of the Korean Stockholders’ Alliance, is leading the charge and urging regulators to take a cue from the U.S. by endorsing ETFs for popular cryptocurrencies like Bitcoin and Ethereum. This move reflects the growing frustration with Seoul’s cautious approach to regulating the booming crypto market.