A unique system for tracking cryptocurrencies in South Korea
2023.01.29 06:07
A unique system for tracking cryptocurrencies in South Korea
By Tiffany Smith
Budrigannews.com – To combat money laundering and recover funds linked to criminal activity, the South Korean Ministry of Justice announced plans to implement a crypto-tracking system.
According to local media outlet khgames, the “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions, and verify the source of funds prior to and following remittance.
In the first half of this year, the South Korean Ministry of Justice will launch a “cryptocurrency tracking system” to improve the tracking of money laundering and the recovery of criminal proceeds using cryptocurrencies.
The South Korean ministry announced plans to develop an independent tracking and analysis system in the second half of the year, despite the fact that the system is expected to be implemented in the first half of 2023. The following is a rough translation of the ministry’s statement:
We will enhance the forensic infrastructure (infrastructure) in response to the increasing sophistication of crime. We will establish a criminal justice system that complies with global standards.
In the past, the police in South Korea came to an agreement with five local cryptocurrency exchanges to work together on criminal investigations and, in the end, make it safe for crypto investors to trade.
On November 12, 2017, the South Korean Supreme Court ruled that the cryptocurrency exchange Bithumb must compensate investors for a service outage that lasted for 1.5 hours.
The supreme court’s final decision mandated that the 132 investors involved receive damages ranging from as little as $6 to approximately $6,400.
The court stated:
“The burden or cost of technological failures should be carried by the service operator, not [the service users] who pay commission for the service.”
