South Korea to deploy cryptocurrency tracking system in 2023

The Virtual Currency Tracking System will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance. 3360 Total views 24 Total shares Listen to article 0:00 News Own this piece of history

Collect this article as an NFT The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.

The Virtual Currency Tracking System will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.

The South Korean Ministry of Justice will introduce a “cryptocurrency tracking system” in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t.co/2CLkaLUrX6 Wu Blockchain (@WuBlockchain) January 29, 2023

While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministrys statement reads:In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).

The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.

Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report

The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.

The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.

The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service, the court stated. #Adoption #South Korea #Court #Money Laundering #Regulation Related News What is impermanent loss and how to avoid it? Genesis Capitals fall might transform crypto lending not bury it Bithumb ordered to pay outage damages to investors by South Korean court FTX legal team calls for Sam Bankman-Frieds family to answer questions under oath: Report UKs FCA hints at why its only given 15% of crypto firms the regulatory nod