Sunday, February 5, 2023

KNPA Bans Its Officers From Buying More Cryptos

The South Korean National Police Agency has released an order restricting a few of the officers in the country from buying more cryptocurrencies. The announcement coincides with a report that shows the domestic availability of digital coins in the country is increasing compared to the global market. 

According to the notification released by the Korean National Police Agency (KNPA), the investigative and inspective officers in the country would not be allowed to buy more cryptocurrencies.

Further, it has been notified that if the KNPA found any of the officers purchased more cryptos without informing the agency, then he/she would have to pay a penalty for it. 

As per the sources, by imposing a ban, KNPA is trying to introduce more transparency. A month ago, the South Korean government announced to restraint the illegal crypto transaction. 

The government has recently stated that currently, the country is at high risk of money laundering and fraud because of the increasing market price. It has further mentioned that from April to June, the authorities would impose additional efforts to curb the illegal activities.

On one hand, the KNPA turned against its own officers for buying additional cryptocurrencies, while on the other hand a report has been published that claims a wide availability of digital assets in the South Korean market.

The report further stated that compared to Japan and the United States, South Korea has more crypto exchanges. 

However, recently, the Financial Services Commission has released a warning circular stating that the government would close all those crypto exchanges in the country which fail to register themselves with regulators. 

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