South Korea builds a crypto tracking system to prevent cyber crime: report
South Korea builds a crypto tracking system to prevent cyber crime: report
South Korea has long been a very important market for Crypto bonds and defi platforms.
ftx, for example, has reportedly made a fortune with the so-called Kimchi bonus, the price gap between the costs of crypto in South Korea and elsewhere, which is largely heated by the need for USD-supported business and creates opportunities for ArbidraGandel.
unfavorable attention from the press
Although not illegal in and of itself, this method of revenue collection is generally frowned upon. In addition, South Korea has taken note of the bad publicity of crypto in the wake of the latest Bithumb raids. It is worth noting that although Terraform Labs did not have its headquarters in Korea, the case of Terra also caused quite a gap in the local media.
It is unclear whether the negative press, which was generated last year, had a major impact on the decision of the Korean government to finance this tracking system.
According to a report published by the local publication of Khgames and was outlined by WU Blockchain, a crypto reporter who mainly works on crypto developments in the APAC region, the Korean government has started and plans to implement a system for the pursuit of trade with digital assets.
The South Korean Ministry of Justice will introduce a "cryptocurrency persecution system" in the first half of this year to strengthen the persecution of money laundering and the confiscation of income from crime using cryptocurrencies. https://t.co/2clkalurx6
-Wu-Blockchain (@wublockchain) 29. January 2023
end-to-end cover of transactions
The Virtual Currency Tracking System is reported to monitor the transaction course of crypto users and try to determine the source of funds used for such transactions before they are transferred to the recipient.
A spokesman for the Ministry of Justice, the governmental authority, which is supposed to head development efforts, explained that the tool was necessary in view of the increasing sophistication of the methods used by cybercriminals.
"In response to the complexity of crime, we will improve the forensic infrastructure. We will build a criminal justice system that corresponds to international standards."
The crypto tracking tool will act as a barrier against cybercrime and increase protection from which crypto investors in South Korea benefit. Investors already benefit from the agreement that the Korean police have concluded with five local crypto exchanges of the Great League about the cooperation in fraud and theft in connection with digital assets.
Neither the exact skills of the announced tracking system nor an exact publication date have been given so far. Nevertheless, further updates should soon be published by the Ministry of Justice, whereby the plans are taken into account to publish the tool this year.
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