South Korean Prosecution Chief Calls for Quicker Justice for Crypto Offenders
Lee Jeong-ryeol, the head of the Seoul Southern District Prosecutors’ Office’s joint crypto investigation unit, has emphasized the need for faster legal proceedings for individuals involved in cryptocurrency crimes. In an interview with Hanguk Kyungjae, Lee expressed his concern that the current handling of cases is taking too long.
As the nation’s sole investigative organization dedicated to crypto-related offenses, Lee believes that swift justice is essential in the fight against crypto crime. He criticized the slow rollout of regulations and punishment for such crimes, stating that the investigative agencies and courts should not find it challenging to deal with virtual asset crimes using new IT.
According to Lee, while crypto-related crimes may have unique aspects, they are fundamentally similar to conventional financial fraud. He argued that the essence of stealing property through deception remains unchanged, regardless of the technology involved. Therefore, the prosecution and courts should be able to handle these cases effectively.
The Seoul Southern District Prosecutors’ Office’s joint crypto investigation unit was established in July 2023, with Lee as its first director. Comprising around 30 professionals from various government-funded agencies, the unit is dedicated to investigating cryptoasset-related crimes. Among its members are representatives from the National Tax Service, the Prosecution Service, the Financial Supervisory Service, the Financial Intelligence Unit, the Korea Customs Service, the Korea Deposit Insurance Corporation, and the Korea Exchange.
Since its inception, the unit has faced numerous challenges, including high-profile cases involving corruption within the police and prosecution related to an art-themed altcoin, as well as illegal over-the-counter trade networks worth approximately $478 million.
Lee acknowledged the difficulty of the unit’s work, as investigators often encounter uncharted territory in their probes. He mentioned the recent reports on South Korean “scam coins” and emphasized the importance of thorough investigations to protect the public from fraudulent activities.
In conclusion, Lee stressed the urgency of delivering swifter justice in crypto-related cases, highlighting the need for efficient legal processes to combat crypto crime effectively.
