South Korea and Hong Kong announce cooperation to fight illegal crypto transactions

The customs of South Korea and Hong Kong agreed to exchange information about crypto-crimes and illegal transactions in the field of digital currencies.

South Korean authorities step up exchange of information with Hong Kong on crimes affecting digital assets. This was stated by the head of the Korean Customs Service Yun Tae-sik following a meeting with his colleague from Hong Kong Ho Pei-shan.

The Korean Customs Service believes that more than 60% of illegal foreign exchange transactions investigated by law enforcement officers were carried out by companies that are associated with Hong Kong.

South Korea recently tightens control over digital asset transactions. Recently, the government of the republic blacklisted four citizens and seven organizations from North Korea, which, according to the authorities of the South, are associated with the theft of crypto assets.

In January, the republic's Ministry of Justice announced that it plans to launch a special digital currency tracking system to combat money laundering and other criminal activities.. The system should study the history of transactions and fix suspicious ones by checking the sender and recipient. And do it both before the operation and after.