South Korean judicial authorities will officially establish a joint investigation group on cryptocurrency-related crimes.

South Korea’s prosecutors’ office will officially establish a special department dedicated to solving crypto crimes and punishing price manipulators and cryptocurrency fraudsters. The Virtual Asset Crime Joint Investigation Group (JIU), operated by the Seoul Southern Regional Public Prosecutors’ Office, will officially launch “no later than February or March.”

The department was established as a temporary working group in July 2023. The latest move will effectively make the prosecutorial department an independent body.

South Korean government officials said the Justice Ministry is ready to incorporate the existence of the new agency into law. The department will draft an amendment to the Implementation Decree of the Public Prosecution Law, which could also “adjust the number of prosecutors assigned to this department,” allowing the prosecution to “effectively and systematically respond to virtual asset crimes.”

The department is not only made up of prosecutors, but also members of regulatory bodies such as the Financial Supervisory Authority and the Financial Intelligence Unit (FIU). Other government agencies are also involved, including the IRS, Korea Customs and the Korea Deposit Insurance Corporation, and the Korea Stock Exchange also has a representative on this team.