South Korea has become a leading crypto market in the last two years, with crypto transactions rising record higher. However, the lack of crypto regulations and government oversight led to crypto-related illegal foreign transactions in South Korea. In fact, 75% of illegal foreign exchange transactions are crypto-linked as the government mulls strengthening the regulatory framework.
75% Illegal Foreign Exchange Transactions Are Crypto-Linked in South Korea
According to the South Korean government’s data, illegal foreign exchange transactions are dominated by crypto-related deals and trades, Bloomberg reported on August 25.
South Korea’s Prosecutor’s Office is currently investigating four crypto-related cases involving over $1.1 billion in illegal foreign-exchange transactions. The country’s customs office has submitted many cases with violations of foreign-exchange transaction rules to lawmaker Min Byoung Dug.
Interestingly, lawmaker Min Byoung Dug accused many crypto exchanges including Upbit of listing and delisting shitcoins for earning transaction fees.
Nearly 75% of transactions violating foreign-exchange rules and regulations are linked to cryptocurrencies. Illegal foreign exchange transactions have doubled from around $800 million in 2021 to billions this year. In fact, illicit crypto-related transactions have jumped 61% from last year.
