South Korea To Adopt Crypto Tracking System This 2023
South Korea To Adopt Crypto Tracking System This 2023.
With so many hacks, thefts and other unforeseen events happening in the crypto industry in 2022, South Korean authorities have announced they’re doing a new initiative to tackle the issue of illegal crypto transactions.
Tracking Transactions
According to The South Korean Ministry of Justice (MOJ), within the first half of 2023, they will be adopting a new cryptocurrency-tracking system to counter issues surrounding money laundering and recover funds linked to criminal activities.
The “Virtual Currency Tracking System” will be used to monitor transaction details, extract information related to the transactions as well as check on the source of funds.
“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 ministry wrote in a roughly translated official statement.
Related: Apple, Netflix, & Yuga Labs Among Some Of FTX’s Named Creditors!
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
South Korea & Previous Crypto Changes
This isn’t the first time South Korea made changes to assure safety and decreasing illegal activity involving cryptocurrencies. Earlier in October, South Korean police collaborated with five major cryptocurrency exchanges to cooperate in criminal investigations in an attempt to minimize the amount of money laundering.
Last year, South Korean authorities were heavily involved in the investigation and raiding of those involved in the collapse of the Terra Luna ecosystem. Although South Korean authorities had seeked to arrest and charge Terra co-founder Do Kwon, his whereabouts remain unknown and his arrest warrant was later dismissed.
Related: Cool Cats Travels To New Dimension In New Teaser Video
For more info regarding Crypto Alpha and NFTs Alpha. Always follow us on Twitter and Instagram.
