The fight against cryptocrimes: CA studies the successful experience of South Korea

South Korea has taken decisive steps to combat the growing wave of cryptocurrency crimes by launching a special unit. The staff of this center will include 30 employees from the judicial, financial, tax and customs authorities. The structure will function to fill the legal vacuum and protect the interests of investors until appropriate regulation is introduced for the digital asset market.

The main focus of the new Center's activities will be on investigations related to highly volatile cryptocurrencies, illegal trading practices, tax evasion, illegal foreign currency transfers, money laundering and concealment of criminal profits.

In neighboring Uzbekistan, there have also been changes in the licensing procedure for providers of services related to the turnover of cryptocurrencies. Now it is required to provide an apostille or a notarized translation into the official language of a certificate from a foreign authorized body. Also, the absence of criminal records for persons wishing to work in the cryptocurrency market has become a prerequisite.

In turn, the Kazakhstan Association of Blockchain Technologies and Data Centers is taking the initiative to create a Working group on combating crimes together with ICRIAP, AFM and the Prosecutor General's Office, based on foreign experience. The initiative from the Association was launched in connection with the surge in crimes in the crypto industry.