Korean Government to Adopt Cryptocurrency Tracking System Within 5 Months

The South Korean authorities volition follow a cryptocurrency tracking strategy wrong the archetypal fractional of this year, the country’s Ministry of Justice reportedly announced. The tracking strategy volition beryllium utilized to show and analyse crypto transactions, peculiarly to uncover the sources of amerciable funds.

South Korea to Start Tracking Crypto Transactions successful 1H

South Korea’s Ministry of Justice (MOJ) reportedly announced that it volition follow a cryptocurrency tracking strategy wrong the archetypal fractional of this year.

In its 2023 task report, the Justice Ministry explained that the tracking strategy volition beryllium utilized to show and analyse cryptocurrency transactions, peculiarly to uncover the sources of amerciable funds. The ministry was quoted by section media arsenic saying:

We volition overhaul the forensic infrastructure successful effect to the modernization of crime.

The Korean authorities has been talking astir adopting a strategy to way down amerciable crypto transactions for galore months. In October past year, the country’s Supreme Prosecutors’ Office said it was successful the process of purchasing a cryptocurrency tracking strategy via the Public Procurement Service.

The Ministry of Justice noted that it volition make its ain crypto tracking and investigation strategy successful the second fractional of the year.

The MOJ announcement followed a connection by Financial Supervisory Service (FSS) Governor Lee Bok-hyun, who said earlier this period that the regulator is readying to make crypto monitoring tools to regularly inspect the risks associated with crypto assets. In addition, South Korea’s National Police Agency formed an statement with the country’s 5 large cryptocurrency exchanges past October to cod information for crypto-related transgression investigations.

In the U.S., the Department of Justice (DOJ) established the nationwide “Digital Asset Coordinator Network” of implicit 150 national prosecutors successful September past twelvemonth to “combat the ever-evolving transgression uses of integer plus technology,” the DOJ noted astatine the time.

Blockchain information analytics steadfast Chainalysis estimated earlier this period that planetary crypto illicit transaction measurement hit an all-time high of $20.1 billion, up from $14 cardinal successful illicit enactment successful the erstwhile year.

What bash you deliberation astir the South Korean authorities adopting a cryptocurrency tracking system? Let america cognize successful the comments conception below.

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