The government will carry out a special crackdown on illegal activities involving cryptocurrency from this month through June. 

According to the Office for Government Policy Coordination on Monday, the government decided to launch the crackdown during a vice minister-level meeting of ministries related to virtual assets last Friday. 

The Financial Services Commission will have financial companies strengthen monitoring of withdrawals of virtual assets. It will also boost cooperation systems so that the Korea Financial Intelligence Unit’s analysis on suspected illegal activities will be swiftly conveyed to investigative bodies and tax authorities. 

Police will set up departments tasked with monitoring for different types of illicit activities involving virtual assets and expand the distribution of programs that can track down such assets. 

The Fair Trade Commission will conduct an ex officio investigation on the terms of service of virtual asset operators and correct any unfair terms. 

The Finance Ministry will work with the Financial Supervisory Service to boost the monitoring of any violations of the Foreign Exchange Transactions Act among other related laws.