South Korea Identifies Over $1 Billion in Fraudulent Crypto-Related Transactions in 2022
Recent data submitted by the Korean Customs Service shed light that in the first half of 2022, the amount of foreign exchange fraud captured was around 1.5 trillion won, or more than $1 billion.
According to local media Asia Kyungjae, the amount of fraudulent crypto transactions identified in the first half of 2022 is almost double the amount captured in the previous year, which was 826.8 billion won. Also, over the past five years, the amount of money captured using virtual currency has been found to be around 4 trillion won.
Figures released by the Korea Customs Service show that customs officials reported a total of over $2.8 billion in crypto transactions since 2017, compared to $600 million reported in the corresponding period of 2021.
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One of the most popular fraud methods detected is currency exchange, which helps to achieve the effect of transferring funds abroad without going through a foreign exchange bank. This is a method of receiving Korean won and paying with the corresponding foreign currency overseas or receiving foreign currency from overseas and donating domestic won.
Exchange transactions using the so-called “Kimchi Premium”
In the virtual currency market, exchange transactions using the so-called “kimchi premium,” in which bitcoins are traded at a higher price in Korea than abroad, have become commonplace. According to the local media report, crypto fraud via “Kimchi Premium” totaled 4 trillion won over five years.
The “Kimchi premium” is the price differential that occurs in South Korean crypto exchanges compared to foreign crypto exchanges. This difference is caused by a lack of high yield investment options for South Korean investors.
Government officials have stressed the need to respond to and crack down on foreign exchange crimes such as currency theft by linking financial authorities such as the Financial Services Commission and the Financial Supervisory Service to investigative agencies while improving technical capabilities.
on the reverse
Despite the growing number of crypto fraud cases, South Korea has pushed adoption. Recently, Binance signed a memorandum of understanding with the city of Busan in South Korea to push adoption. In addition, the relaxation of regulations by the Yun Seok-yeol government has spurred the entry of securities firms into the asset trading industry.
Why You Should Care
Recently, the South Korean government launched a crackdown on crypto-related fraud, as the government decided to keep a tight grip on crypto rules, regulations, and policies. More recently, the government announced that airdrops of virtual assets may also be subject to gift tax.
Binance CEO Changpeng Zhao signs first blockchain MoU with South Korea to drive adoption
Samsung (KS 🙂 set to launch Crypto Exchange in South Korea in 2023
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South Korea Identifies Over $1 Billion In Fraudulent Crypto-Related Transactions In 2022 By DailyCoin
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