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South Korea to Expand Voice Phishing Law to Include Cryptocurrency

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It is reported that the Financial Services Commission (FSC), the highest financial regulator in South Korea, said on Tuesday that South Korea will expand its e…

South Korea to Expand Voice Phishing Law to Include Cryptocurrency

It is reported that the Financial Services Commission (FSC), the highest financial regulator in South Korea, said on Tuesday that South Korea will expand its existing voice phishing law to include telephone fraud related to cryptocurrency. FSC said that South Korea plans to amend the current law so that when the local authorities receive the report of voice phishing scam, they can freeze the cryptocurrency accounts of suspected offenders in the exchange. The Financial Supervisory Authority and the ruling People’s Power Party will propose amendments to the local voice phishing law in April, which will allow financial institutions and cryptocurrency service providers to share account information and suspend all suspicious accounts on different platforms. FSC said that the loss of voice phishing involving cryptocurrency reached about 20 billion won (US $15 million) last year, twice the 8.26 billion won reported in 2020. （Forkast）

South Korea’s financial regulator will crack down on voice phishing involving cryptocurrency

Interpretation of the news:


The Financial Services Commission (FSC) has announced that South Korea will be expanding its voice phishing law to include telephone fraud related to cryptocurrency. The move comes after the country saw a dramatic surge in the loss incurred due to voice phishing scams involving cryptocurrency, which reached a staggering 20 billion won (US $15 million) last year, almost double the amount reported in 2020. The announcement by FSC aims to tackle the growing threat of telephone fraud and money laundering in the cryptocurrency market.

Under the new amendment, local authorities will have the power to freeze cryptocurrency accounts of suspected offenders when they receive reports of voice phishing scams. This law is expected to enable financial institutions and cryptocurrency service providers to share account information and suspend all suspicious accounts on different platforms. This collaboration between financial institutions and cryptocurrency service providers will help in preventing money laundering and other fraudulent activities linked to cryptocurrency, which will ultimately lead to safer and more transparent cryptocurrency transactions.

The proposed amendment comes at a time when cryptocurrency prices have been surging. While cryptocurrency has been volatile due to its unregulated market, the growth of legitimate usage and its mainstream acceptance have also brought several risks associated with fraud, money laundering, and cybercrime. With the new proposal, South Korea aims to keep up with the growing need for regulation in the cryptocurrency market.

In conclusion, the proposed amendment to the voice phishing law is a much-needed step towards regulating the cryptocurrency market in South Korea. This move highlights the government’s intention of protecting investors and preventing fraudulent activities from taking place in the country. The expanding cryptocurrency market presents enormous opportunities but also poses severe risks that demand strengthened regulatory measures. The proposed amendments to the law demonstrate the government’s willingness to ensure that the benefits of cryptocurrency transactions are balanced against the need to maintain fairness, transparency, and protection for investors in the market.

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