A lot of things are happening in South Korea as of right now. The government is doing everything they can to crack down on illegal activity. Especially activity related to cryptocurrencies such as Bitcoin. That is a lot easier said than done, for obvious reasons.
A recent report shows how close to $600m worth of illegal cryptocurrency FX trading has been discovered. This is an interesting development, although one that won’t have much of a negative impact overall. Any crimes involving cryptocurrencies need to be brought to light.
Foreign currency crimes are nothing new in the world of finance. When this activity gets linked to cryptocurrency, things are very different. The South Korean customs service discovered nearly $600m worth of foreign exchange crimes. Especially illegal trading using cryptocurrencies has proven to be rather popular. This information came to light during the government’s crackdown on illegal trade. It is evident cryptocurrencies play a big role in this particular ‘industry’. It is an unfortunate byproduct of the popularity that comes with Bitcoin.
Illegal Cryptocurrency Trading Crimes in South Korea
For the time being, it remains to be seen how this information will be used. There is no official course of action against the “culprits” so far. It is also worth noting these are not the only cryptocurrency-related crimes the agency discovered. Illegal foreign currency trading makes up a big part of this trend, though. It is unclear what other “crimes” have been discovered regarding cryptocurrency. The customs agency did not share much information on that particular front.
With South Korea cracking down on this activity, things can only evolve in a positive manner. After all, cryptocurrency was never designed for criminal activities in the first place. This is especially true when it comes to Bitcoin. The world’s leading cryptocurrency lacks privacy and anonymity features first and foremost. Other currencies are ‘better suited’ for this type of activity. However, these cannot be properly traced, which makes the life of government agencies a lot more difficult.
It is evident the South Korean government will continue to focus on cryptocurrency. For now, it seems unlikely trading platforms will effectively be shut down anytime soon. That option is still on the table, though. A lot of changes will come to cryptocurrency moving forward. How all of this will play, has yet to be determined. With the South Korean government trying to make a positive impact, we can hopefully expect bigger and better things.