According to South Korean media SBS Biz, the Seoul South District Prosecutor's Office has upgraded the Virtual Asset Crime Joint Search Team, which operates as a temporary organization, to a formal department, the Virtual Asset Crime Joint Search Department. The joint investigation team consists of 34 people, including staff from the procuratorial organs and personnel dispatched by financial and tax authorities.
The joint working group was established in July 2023 in accordance with the promulgation of the Virtual Asset User Protection Law. The formulation of the Virtual Asset User Protection Law is aimed at protecting users from unfair trading practices such as the use of undisclosed important information, price manipulation, and unfair trading.
