Korean government introduces cryptocurrency tracking system within 5 months-regulation
Korean government introduces cryptocurrency tracking system within 5 months-regulation
The South Korean government will introduce a system to pursue cryptocurrencies in the first half of this year, as the state's Ministry of Justice has reported. The tracking system is used to monitor and analyze crypto transactions, especially to uncover the sources of illegal funds.
South Korea begins with the pursuit of crypto transactions in 1h
South Korea's Ministry of Justice (Moj) Supposedly announced that in the first half of this year a cryptocurrency tracking system is.
in his Task report 2023 , the Ministry of Justice said that the tracking system is used to monitor and analyze cryptocurrency transactions, especially to uncover the source of illegal funds. The ministry was cited by local media with the words:
In response to the modernization of crime, we will overtake the forensic infrastructure.
The Korean government has been talking about the introduction of a system for the pursuit of illegal crypto transactions for many months. In October last year, the state's highest public prosecutor's office announced that it was in the process of buying a cryptocurrency tracking system through the public procurement service.
The Ministry of Justice found that it would develop its own crypto tracking and analysis system in the second half of the year.
The announcement of the Moj followed an explanation of the governor of the Financial Supervisory Service (FSS), Lee Bok-Hyun, who said the regulatory authority was planning a development crypto monitoring tools to check the risks associated with crypto-assets regularly. In addition, the South Korean National Police Agency made an agreement with the country's five large cryptocurrency exchanges last October to collect data for crypto -related crime investigations.
In the USA, the Ministry of Justice (doj) > The nationwide "Digital Asset Coordinator Network" of over 150 federal prosecutors in September last year to "combat the constantly developing criminal use of digital asset technology", the Doj stated at the time.
The blockchain data analysis company Chainalysis estimated the worldwide volume of illegal crypto transactions All-time high of $ 20.1 billion, compared to $ 14 billion in illegal activities in the previous year.
What do you think that the South Korean government introduces a cryptocurrency tracking system? Let us know in the comment area below.
Bedy verification : Shutterstock, Pixabay, WikiCommons