In the first half of the year, South Korea seized approximately $4.92B in illegal foreign exchange transactions, involving the use of cryptocurrencies to collect export payments to evade regulation

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PANews July 27 news, citing Jin10, that the Korea Customs Service said on Monday that in the first half of the year it seized illegal foreign exchange transactions worth 7.2 trillion won (about $492 million). The Korea Customs Service said that from January to June this year, it handled 792 cases of illegal foreign exchange transaction cases involving illegal acts such as illegally transferring foreign exchange abroad and concealing overseas assets. Some cases involved export companies collecting export proceeds in cryptocurrencies rather than legal tender such as U.S. dollars, so the exported foreign exchange proceeds were not remitted back to South Korea. Lee Jong-wook, head of the Korea Customs Service, said that, in light of recent volatility in the foreign exchange market being viewed as one of the main risks facing the Korean economy, the Customs Service will strengthen cooperation with relevant authorities including South Korea’s Ministry of Economy and Finance.
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