South Korea to launch permanent team to combat illicit crypto outflows

The South Korean government plans to establish a permanent task force to combat illegal foreign exchange transactions, Digital Asset reported. The move follows the National Intelligence Service's discovery of a domestic company illicitly transferring foreign currency abroad using cryptocurrency. During a related meeting, officials discussed a case in which a firm disguised client funds as trade payments to send abroad, purchased digital assets, and then brought them back to South Korea to cash out into won. The inter-agency response team will now focus on investigating the company for concealing overseas assets and forging trade invoices.