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Cryptocurrency-related Illegalities Becoming Increasingly Frequent

Cryptocurrency-related violations of the Foreign Exchange Transactions Act are on the rise.



People Power Party lawmaker Kim Sang-hoon remarked on Sept. 25 that cryptocurrency-related violations of the Foreign Exchange Transactions Act soared from 100 million won to 1.6 trillion won in 2018 and totaled 1.8 trillion won in 2021 and 2.2 trillion won in the first half of this year.

“The total for the past five years amounts to 6.1276 trillion won, including 3.659 trillion won of the top 20 violators,” he said, adding, “The violators include five in their 20s and 10 in their 30s.”

“The five-year total is close to, for example, an average local government’s annual budget,” he pointed out, continuing, “The authorities need to strengthen their monitoring.”


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