Bill to establish Major Crimes Investigation Agency passes National Assembly security committee… to probe virtual-asset price manipulation

A bill defining the organization and operations of the Major Crimes Investigation Agency (MCIA) has passed the full meeting of the National Assembly’s Public Administration and Security Committee. The MCIA is also expected to investigate crimes related to virtual-asset price manipulation.

The committee held a full meeting at the National Assembly on the 18th and put the “Bill on the Organization and Operation of the Major Crimes Investigation Agency” to a vote, passing it 12-5 among 17 lawmakers present.

The bill stipulates matters necessary for the agency’s operations—such as its organization, scope of duties and personnel—ahead of the MCIA’s launch in October. Under a revision to the Government Organization Act, the Prosecutors’ Office will be abolished and a Prosecution Office under the Ministry of Justice and the MCIA under the Ministry of the Interior and Safety will be created, separating investigation and indictment.

Notably, the bill explicitly lists crimes under the Virtual Asset User Protection Act as targets of MCIA investigations. That means crimes related to virtual-asset price manipulation will also fall within the MCIA’s remit.

Meanwhile, the Democratic Party of Korea plans to push through the MCIA establishment bill at the National Assembly plenary session on the 19th.