The amount of fraudulent detection through virtual assets was found to be 812.2 billion won from the beginning of this year until August, nearly 40 times that of last year.
According to data submitted by the Korea Customs Service by Rep. Song Jae-ho of the Democratic Party of Korea on the 3rd of the National Assembly’s Political Affairs Committee, nine cases of currency exchange through virtual assets were caught from January to August this year, worth 812.2 billion won. This is equivalent to 68% (based on amount) of the crackdown on foreign exchange offenses (72 cases, KRW 1.198.7 trillion) during this period.
The crackdown on currency exchange through virtual assets decreased from 784.1 billion won (10 cases) in 2018 to 76.2 billion won (3 cases) in 2019 and 20.4 billion won (1 case) in 2020. It increased by 39.8 times.
Looking at the crackdown on violations of the Foreign Exchange Transactions Act related to virtual assets, in 2017, only 100 million won (one case) of violations of the report on carrying out purchases of virtual assets were recorded. However, in 2018, a total of KRW 10.2 billion (33 cases) of violation of the report on carrying out of purchase funds for virtual assets, KRW 784.1 billion (10 cases) of currency exchange through virtual assets, and KRW 458.3 billion (3 cases) of non-reporting of overseas deposits of purchase funds for virtual assets (false evidence) It increased to 1.25 trillion won (46 cases).
Since then, in 2019, there were 215.7 billion won (15 cases) of violations of the report on carrying out of purchase funds for virtual assets, 76.2 billion won (3 cases) of currency exchange through virtual assets, and 9 billion won (1 case) of non-reporting of overseas deposits of purchase funds for virtual assets, totaling 300.9 billion won (1 case). 19) was reduced. In 2020, a total of KRW 20.8 billion (2 cases) fell to 400 million won (1 case) for violation of the report on carrying out of purchase money for virtual assets and 20.4 billion won (1 case) for currency exchange through virtual assets.
However, by August this year, the number of virtual asset purchases increased to 812.2 billion won (9 cases) and 885.6 billion won (13 cases) of virtual asset purchase funds (13 cases), a total of 1.697.8 trillion won (22 cases).
Rep. Song did not meet the criteria of the Specific Financial Information Act (Special Act) as it rose again from the second half of 2020 after the collapse of the virtual asset bubble in 2018 due to the impact of the price index and price fluctuations of virtual assets. analyzed that it appears to have been targeted.
Virtual assets are subject to the Anti-Money Laundering Act, and currency exchange is an act of remittance of KRW overseas without reporting for profit from foreign exchange transactions. Recently, there have been cases in which foreigners traded foreign exchange illegally through the virtual currency market without complying with the Foreign Exchange Transactions Act, and purchased 55 domestic apartments after exploiting the so-called ‘kimchi premium’ to make greater foreign exchange profits.
Rep. Song pointed out, “Virtual assets are different today and different values will fluctuate tomorrow, which fueled the investment craze, but as domestic virtual asset prices surged within a short period of time, the scale of virtual asset distribution has increased and speculative forces seeking foreign exchange gains are also on the rise.” . He emphasized, “As in the case of Tesla, the corporate value of holding virtual assets is linked to virtual assets and the volatility increases, so it is necessary to discuss the institutionalization of virtual assets focusing on protecting minority shareholders and users.”
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