The South Korean Ministry of Justice has announced plans to adopt a cryptocurrency tracking system in the first half of 2023 to combat money laundering and recover criminal proceeds.
The system will monitor crypto transactions and help uncover illegal funds. The Ministry also intends to develop its own crypto tracking and analysis system in the latter half of the year, but has not disclosed the name of the tracking system.
The Supreme Prosecutors’ Office in South Korea is also procuring a cryptocurrency tracking system.
The National Police Agency has also signed an agreement with the country’s five major cryptocurrency exchanges to gather data for crypto-related crime investigations.
With the illicit crypto transaction volume hitting a record high of $20 billion, the South Korean authorities aim to improve their ability to combat illegal activities in the crypto space.
I'm a crypto, blockchain, and tech writer. I spend my time researching and writing about cryptocurrency, NFT, AI, and new technology.
Related posts
Bitwise CIO sees Bitcoin volatility halving as institutional investments surge
Turnkey Raises $15M Series A to Revolutionize the Crypto User Experience
