The number of reports on illegal transactions involving virtual assets in South Korea this year has exceeded the total of the past two years

ChainCatcher news, according to South Korean lawmaker Jin Seong-jun citing data from the Financial Intelligence Unit (FIU), from January to August this year, South Korean virtual asset service providers submitted a total of 36,684 suspicious transaction reports (STRs), surpassing the total of 35,734 reports from the past two years.

According to the current Specific Financial Information Act, virtual asset service providers in South Korea are required to report transactions suspected of money laundering to the FIU. Additionally, the Customs Service disclosed that in May this year, a case was uncovered involving an underground exchanger illegally transferring approximately 57.1 billion won using the stablecoin USDT across borders.