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South Korea’s Ministry of Justice has announced plans to introduce a crypto-tracking system to combat money laundering efforts and recover funds related to criminal activity.
A virtual currency tracking system is used to monitor transaction history, extract information related to transactions, and verify the source of funds before and after remittances. according to on the local media outlet khgames.
South Korea’s Ministry of Justice will introduce a “virtual currency tracking system” in the first half of this year to strengthen the tracking of money laundering and criminal proceeds collection using virtual currency. https://t.co/2CLkaLUrX6
Wu Blockchain (@WuBlockchain) January 29, 2023
The system is expected to roll out in the first half of 2023, but South Korea’s ministry has shared plans to develop an independent tracking and analysis system in the second half of this year. .
In response to the increasing 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 police have previously struck deals with five local cryptocurrency exchanges to cooperate with criminal investigations, ultimately creating a safe trading environment for cryptocurrency investors.
RELATED: South Korean prosecutors demand arrest warrant for Bithumb owner: report
South Korea’s Supreme Court has ruled that cryptocurrency exchange Bithumb must pay damages to investors for a 1.5-hour service outage on November 12, 2017.
The Supreme Court’s final decision ordered the 132 investors involved to pay damages ranging from as little as $6 to about $6,400.
The burden and cost of technical failures must be borne by the service operator. [the] service users who pay a fee for the service,” the court said.
