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Compared to the global marketplace, the suspicious domestic abundance of cryptocurrency has led to the South Korean National Police Agency imposing a ban on certain officers within their ranks. Needless to say, that these officers will be prohibited from further purchasing that digital money.
Crypto ban on certain South Korean police officers
According to Bitcoin.com, not only are they barred from doing such, but these officers will also need to disclose some intel regarding their digital assets. However, it was pointed out that this only applies to officers who have certain inspective and investigative responsibilities within the agency.
Failure to comply with the said requisite would result in penalties, though it was not mentioned how the violators would be punished. It was also noted that this new ruling by the KNPA is to further “introduce additional transparency” to their departments that are deemed as sensitive by the agency.
About a month ago, the South Korean government announced that they would crackdown on illegal crypto transactions. They further explained that the recent price rallies of certain digital currencies have “inflated risks of money laundering and fraud.”
ICT ministry on the move
It looks like it already went in full swing as the government revealed that they would beef up its monitoring system on cryptocurrency-related websites whom they believe to be involved in phishing activities. Per The Korean Herald, the South Korean government’s ICT ministry claims to have come across and eventually shut down 32 phishing sites in just three months. A far cry to the 41 websites that they’ve discovered for the entire year of 2020.
It was also mentioned that the ministry would be strengthening its round-the-clock monitoring system to block such websites once they are discovered immediately. They are currently investigating 21 cases into which the cyber crooks gained access to the victim’s cryptocurrency accounts and later on sold their assets.
The suspicious domestic abundance of cryptocurrency as compared to the global marketplace has led to the South Korean National Police Agency imposing a ban on certain officers within their ranks. Needless to say, that these officers will be prohibited from further purchasing those digital money.
Crypto ban on certain South Korean police officers
According to Bitcoin.com, not only that they are barred from doing such, but these officers will also need to disclose some intel regarding their digital assets. It was pointed out, however, that this only applies to officers who have certain inspective and investigative responsibilities within the agency.
Failure to comply with the said requisite would result will be slapped with penalties, though it was not mentioned as to how the violators will be punished. It was also noted that this new ruling by the KNPA is to further “introduce additional transparency” to their departments that are deemed as sensitive by the agency.
About a month ago, the South Korean government announced that they would crack down on illegal crypto transactions. They further explained that the recent price rallies of certain digital currencies have “inflated risks of money laundering and fraud.”
ICT ministry on the move
It looks like it already went in a full swing as the government revealed that they would beef up its monitoring system on cryptocurrency-related websites whom they believe to be involved in phishing activities. Per The Korean Herald, the South Korean government’s ICT ministry claims to have come across and eventually shut down 32 phishing sites in just three months. A far cry to the 41 websites that they’ve discovered for the entire year of 2020.
It was also mentioned that the ministry will be strengthening its round-the-clock monitoring system to immediately block such websites once they are discovered. They are currently investigating 21 cases into which the cyber crooks gained access to the victim’s cryptocurrency accounts and later on sold their assets.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
