South Korea to strengthen control over crypto mixers

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The South Korean authorities plan to strengthen management over cryptocurrency mixers following america.

On Jan. 15, native media in South Korea reported that the Monetary Intelligence Unit (FIU) of the Monetary Providers Fee was contemplating introducing digital asset combine guidelines. The company emphasised that criminals are nonetheless laundering cash since Korea doesn’t but have separate sanctions in opposition to mixers.

“Responding proactively to digital asset crimes is optimistic from a market resilience perspective.”

Hwang Seok-jin, professor at Dongguk College

Earlier than this, U.S. authorities additionally agreed on the necessity to regulate mixers and took motion. Final October, the U.S. Treasury Division’s Monetary Crimes Enforcement Unit (FinCEN) introduced anti-money laundering (AML) laws governing Mixer as a cash laundering service.

Later in December, the U.S. Division of the Treasury (OFAC) added the Sinbad platform to its sanctions record. OFAC accuses Sinbad of conducting cash laundering operations obtained by the hacker group Lazarus. Sinbad processed thousands and thousands of {dollars} in digital currencies accepted because of hacker assaults on well-known tasks corresponding to Horizon Bridge, Ronin Bridge from Axie Infinity, and Atomic Pockets.

The U.S. authorities has additionally indicted and detained the founders of Twister Money on costs of laundering greater than $1 billion and violating sanctions. These actions spotlight the authorities’ willpower to fight the usage of cryptocurrency mixers for illicit functions and proceed to ship alerts of strict cryptocurrency management measures.

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