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Crypto Murder Drives Urgent Need for Regulations in South Korea

2 mins
Updated by Geraint Price
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In Brief

  • A woman was murdered in South Korea following a crypto dispute.
  • There has been a rise in crypto-related crimes in the country.
  • The National Policy Commission chairman believes that there is urgent need for crypto regulations.
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A murder case in South Korea arising from a crypto dispute is forcing authorities to speed up the implementation of crypto regulations.

South Korea has embraced blockchain technology and has been positively working towards regulations. The country is also building a public metaverse in Seoul and Seongnam.

But a rise in a new sector also gives rise to crime. Hence, the nation is working on a Virtual Asset User Protection bill which will integrate 19 crypto-related bills.

Investor Protection Biggest Concern

According to Bloomberg, a woman was kidnapped from an apartment block in Gangnam district. The authorities claim that the murder was triggered due to a dispute over crypto and an attempt to steal the woman’s cryptocurrencies.

Back Hyeryun, chair of the National Policy Committee in the South Korean parliament, believes that the fastest implementation of the crypto regulations is urgently needed.

She said:

“There is finally a consensus on both sides of the aisle that we need to get a law in place as soon as possible. There were too many issues, so it was necessary to focus on one thing first – investor protection – to move on quickly.”

BeInCrypto reported that industry stakeholders are advising the government on crypto regulations. They include the Digital Asset Exchange Alliance (DAXA), which comprises major cryptocurrency exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax.

The bill cleared its first review phase in the National Assembly and will likely become law this year.

Rising Crime in South Korea

Lately, criminal activities around the digital assets class have risen in South Korea. BeInCrypto reported that the opposition politician Kim Nam-kuk is under investigation for suspicious crypto trading.

Also, authorities arrested Coinone executives for suspicions of taking bribes to list tokens. Plus the collapse of Do Kwon’s Terra ecosystem has damaged the South Korean crypto ecosystem.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...