South Korea authorities reportedly marked the record number of suspicious cryptographic transactions this year, with the total number exceeded the total number of the last two years.
Cites data on financial intelligence (fiu) presented to the representative of Jin Sung-Joon and Korea Customs Service (KCS), Yonhap News Reported that local virtual resource service providers (VASPS) have submitted 36,684 Suspicious transaction reports (p) From January to August 2025.
STS are one of the basic laundry tools with money laundering (AML) of South Korea. Pursuant to the regulations of the country, financial institutions, casinos and vaps must submit p. When they have reasonable grounds to suspect that the funds include criminal revenues, money laundering or terrorist financing.
According to the data, the pages intricate between January and August exceed the total sums of 2023 and 2024, when p.
Eyes’ authorities are not illegal foreign cash messages and Stablelecoin
Officials from South Korea stated that most of the marked flows of transactions concerned “hwanchigi” or illegal currency messages. In such cases, criminal revenues are transformed into crypto using offshore platforms. They are directed to domestic exchanges and then paid in won.
From 2021 to August 2025, KCS transferred to prosecutors a crime worth $ 7.1 billion, from $ 6.4 billion (about 90%) related to Hwanchigi programs.
In May, customs officials discovered the underground broker accused of using Tether (USDT) Stablecoin to illegally transfer about $ 42 million between South Korea and Russia. Two Russian citizens were accused of conducting over 6,000 illegal transactions between January 2023 and July 2024.
Due to such cases, Jin called on agencies, including KCS and FiU, to strengthen the effective prosecution enforcement to track penal funds and block hidden cash messages.
The official said that government agencies must establish systematic remedies against up-to-date types of currency crimes.
Related: South Korea cryptographic companies receive the status of “Venture” next week
Global policy problem
The numbers of South Korea show a broader dilemma of politics, which are facing regulatory bodies around the world. While Stablecouins and digital currencies offer faster and cheaper payments, they also create up-to-date channels for illegal flows.
The European Union markets in the regulations regarding cryptocurrencies (MICU) relate to the illegal risk of transactions, requiring the issuers to obtain a license to ensure transparency.
It also assumes vast volume of Stablecoin. Mika limits Stablecoin transfer to 1 million transactions per day or nominal value of EUR 200 million per day.
In 2021, the decision -makers of the European Central Bank donated the idea of limiting the digital euro to 3000 euros per person to prevent the undeveloped activity of currency exchange.
In 2023, the Bank of England proposed to set individual limits for digital pounds from 10,000 (USD 13,558) to 20,000 British pounds. However, British cryptographic groups slammed this approach, saying that these limits do not work in practice.
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