The Korean National Police Agency (NPA) and the five largest crypto exchanges in the country have agreed to work together on preventing and investigating crypto crime, the NPA said Thursday.
The NPA and Upbit, Bithumb, Coinone, Korbit and Gopax will “actively engage in mutual cooperation for investigations related to crypto crime, minimizing damages and preventing money laundering activities,” according to their agreement.
The law enforcement and the crypto exchanges will also share information on new crime trends and retrieval of crime proceeds in order to strengthen their cooperative system.
Earlier this year, the NPA has requested KRW 1.1 billion (US$887,000) from the Ministry of Economy and Finance to finance a partnership with a digital asset data firm. If approved, the funds will be reflected in NPA’s budget next year.
It also began offering an advanced training program for tracking crypto-related crimes to select crypto specialists in the force at the provincial and municipal level.