The South Korean Ministry of Justice announced plans to introduce a cryptocurrency tracking system to counter money laundering efforts and recover funds linked to criminal activities.
The “virtual currency tracking system” will be used to monitor transaction history, extract transaction-related information, and check the origin of funds before and after shipment, according to local news 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
The South Korean Ministry of Justice will introduce a “cryptocurrency tracing system” in the first half of this year to strengthen the monitoring of money laundering and the recovery of the proceeds of criminal activities through the use of cryptocurrencies.
While the system is scheduled to be rolled out in the first half of 2023, the South Korean ministry shared plans to develop an independent monitoring and analysis system in the second half of the year. A rough translation of the ministry’s 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).”
South Korean police previously established an agreement with five local cryptocurrency exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.
The South Korean Supreme Court ruled that the Bithumb exchange must pay damages to investors for an hour and a half outage on November 12, 2017.
The finalized high court ruling ordered damages ranging from as little as $6 to around $6,400 to be paid to the 132 investors involved.
“The burden or cost of technological failures must be borne by the service operator, not by [los] users of the service who pay a fee for the service,” the court stated.
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