Traffic offenders in Korea to pay fines in crypto

Police in South Korea can now collect traffic fines from offenders by seizing cryptocurrencies they own. This started in the city of Gunpo, Northwestern Gyeonggi province, of the country. There was a pilot program initiated by the law enforcement agency in the city to facilitate the collection of traffic fines.

According to a local report, the program has helped the Police receive more money from fines than what was expected. With a target of 1 billion won for 2022, the Police collected about 880 million won in June. This is greater than what was collected last year, about 850 million won.

This process of receiving fines makes it possible to avert any contact with offenders. COVID-19 rules are still observed in the region. For now, there are no details on the particular cryptocurrencies collected.

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South Korea and cryptocurrency regulations

South Korea is one of the nations at the forefront of implementing controls over crypto-related transactions in the world. In 2019, there was news of a review on the nation’s blockchain and cryptocurrency regulations. Today, it is legal to own, buy and sell cryptocurrencies in South Korea.

Prior to the 2019 reviews, a legislator proposed a bill in 2018 for the legalization of ICOs. Hong Eui-rak opined that the incorporation of blockchain into the economy will be helpful, especially with crypto-related businesses.

Between 2021 and Q2 of 2022, South Korea has been tackling a few negative crypto-related cases like the shutting down of exchanges, and the recent collapse of Terraform.