South Korea is intensifying its crackdown on North Korea’s use of cryptocurrencies to fund its illicit weapons programs. On Aug. 29, President Yoon Suk Yeol announced plans for a new bill targeting North Korean virtual assets.
The initiative follows 10 months of rigorous deliberations to strengthen South Korea’s existing sanctions against its northern neighbor.
Bill Proposes to “Track and Neutralize” Cryptocurrencies
Last year, an initial draft was returned by the president, who insisted it includes “practical measures to bolster national security.” Furthermore, the revised bill now incorporates specific strategies to “track and neutralize” cryptocurrencies that North Korea has stolen through cyberattacks.
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Yoon said he would underscore “the need to actively deter North Korea from stealing cryptocurrency, dispatching workers overseas, facilitating maritime transshipments and other illegal activities. These are the main funding sources for its nuclear and missile development.”
These elements make the current draft more robust than its predecessor, which was proposed by the National Intelligence Service (NIS).
North Korea Believed to Have Stolen $1.28 Billion Last Year
Pyongyang’s growing success in cyber theft forms the backdrop of this legislative move. South Korean intelligence estimates reveal that North Korea pilfered $1.28 billion worth of Bitcoin and Ethereum in 2022 alone.
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Author: BeInCrypto Team
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