According to Korean media SBS Biz, the South District Procuratorate of Seoul, South Korea has upgraded the virtual asset crime joint search team operated as a temporary organization to the official department's virtual asset crime joint search department. The joint investigation team consists of 34 people including staff from the procuratorate and staff from the financial and tax authorities. The joint working group was established in July 2023 under the promulgation of the Virtual Asset User Protection Act. The Virtual Asset User Protection Law is formulated to protect users from unfair trading activities such as undisclosed important information, price manipulation, and unfair trading.