South Korea Will Implement Crypto Tracking System In 2023

Key Points:

• To combat money laundering schemes and reclaim cash associated with criminal activity, the South Korean Ministry of Justice revealed intentions to implement a crypto-tracking system.
• The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.

To combat money laundering schemes and reclaim cash associated with criminal activity, the South Korean Ministry of Justice revealed intentions to implement a crypto-tracking system.

According to local media outlet khgames, the “Virtual Currency Tracking System” would be used to keep track of transaction history, extract data about transactions, and verify the source of cash both before and after remittance.

While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:

“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”

The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.

The South Korean Supreme Court found that cryptocurrency exchange Bithumb must compensate investors for a 1.5-hour service disruption on November 12, 2017, and ordered Bithumb to do so.

The supreme court’s final decision mandated that the 132 investors concerned get damages ranging from as little as $6 to around $6,400.

The court ruled that the service provider, not the customers who pay commission for the service, should bear the weight or financial burden of technological failures.

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