South Korea considers following the U.S. in cryptocurrency sanctions against North Korea

The South Korean Deputy Foreign Minister Kim Ji-na stated that South Korea may adjust its sanctions framework against North Korea to address the threat of cryptocurrency theft.

Previously, the U.S. Treasury Department imposed sanctions on 8 North Korean bankers and 2 entities, accusing them of laundering money through cryptocurrency to support nuclear weapons development. Reports indicate that North Korea has stolen approximately $2.84 billion in cryptocurrency since January 2024, with some of the funds flowing into its nuclear weapons program. Kim Ji-na emphasized that coordination between South Korea and the U.S. is crucial in responding to North Korea's digital threats, noting that South Korea has previously imposed sanctions on North Korea independently based on U.S. actions.