The South Korean Ministry of Justice plans to transition the previously temporary Joint Investigation Unit for Virtual Asset Crimes into a formal department by early 2025. This move aims to improve the government’s ability to address the increasing incidence of crypto crimes.

In just one year since its establishment, the Joint Investigation Unit has made significant strides by indicting 41 people and arresting 18. The government acknowledges the urgency of creating a permanent structure to effectively respond to rising virtual asset-related crimes.