South Korean government blacklists four North Korean individuals and seven institutions from crypto transactions

The South Korean government has blacklisted four North Korean individuals and seven institutions suspected of funding "nuclear and missile development" through illegal cyber activity, including password theft. The South Korean government expects to use virtual asset wallet addresses as identity information for sanctions targets. The notice stated that the seven sanctioned institutions were suspected of participating in cyber attacks such as "hacking and theft of virtual assets" or training cyber experts. The notice added that under the regulations, cryptocurrency transactions with blacklisted entities are prohibited without the prior permission of the South Korean Financial Services Commission. Cryptocurrency transactions are included in the country's regulations prohibiting the financing of terrorism.