Korean Government to Adopt Cryptocurrency Tracking System Within 5 Months – Regulation Bitcoin News

Korean Government to Adopt Crypto Tracking System Within 5 Months

[ad_1]

The South Korean government will adopt a cryptocurrency tracking system within the first half of this year, the country’s Ministry of Justice reportedly announced. The tracking system will be used to monitor and analyze crypto transactions, particularly to uncover the sources of illegal funds.

South Korea to Start Tracking Crypto Transactions in 1H

South Korea’s Ministry of Justice (MOJ) reportedly announced that it will adopt a cryptocurrency tracking system within the first half of this year.

In its 2023 task report, the Justice Ministry explained that the tracking system will be used to monitor and analyze cryptocurrency transactions, particularly to uncover the sources of illegal funds. The ministry was quoted by local media as saying:

We will overhaul the forensic infrastructure in response to the modernization of crime.

The Korean government has been talking about adopting a system to track down illegal crypto transactions for many months. In October last year, the country’s Supreme Prosecutors’ Office said it was in the process of purchasing a cryptocurrency tracking system via the Public Procurement Service.

The Ministry of Justice noted that it will develop its own crypto tracking and analysis system in the latter half of the year.

The MOJ announcement followed a statement by Financial Supervisory Service (FSS) Governor Lee Bok-hyun, who said earlier this month that the regulator is planning to develop crypto monitoring tools to regularly inspect the risks associated with crypto assets. In addition, South Korea’s National Police Agency formed an agreement with the country’s five major cryptocurrency exchanges last October to collect data for crypto-related crime investigations.

In the U.S., the Department of Justice (DOJ) established the nationwide “Digital Asset Coordinator Network” of over 150 federal prosecutors in September last year to “combat the ever-evolving criminal uses of digital asset technology,” the DOJ noted at the time.

Blockchain data analytics firm Chainalysis estimated earlier this month that global crypto illicit transaction volume hit an all-time high of $20.1 billion, up from $14 billion in illicit activity in the previous year.

What do you think about the South Korean government adopting a cryptocurrency tracking system? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *