Key Points:
- South Korea’s Gyeonggi will launch a crypto debt management system.
- The time required to process late fees for virtual assets has been significantly shortened from 6 months to just 15 days.
- The system is expected to go into operation next year.
South Korea’s Gyeonggi will launch a developed product that is an electronic management system that shortens the time required for debt settlement from 6 months to 15 days by managing the procedures. like tracking and seizing the virtual assets of criminals with a program. The system will begin to operate in earnest from next year.
Previously, in January of this year, the province started building an electronic management system to handle the outstanding debt of virtual assets and completed it in September, and recently completed a pilot operation in collaboration with of virtual asset exchanges Korbit, Bithumb and Pocheon City.
Once a list of delinquents is entered into the system, the virtual assets held by the delinquent are tracked, confiscated, transferred and sold, winnings collected and released from forfeiture.
By using offenders’ permanent registration numbers held by local authorities, mobile phone numbers can be traced and based on this, the success rate of membership discovery in virtual currency exchanges can be significantly improved.
Previously, a list of offenders was sent to the cryptocurrency exchange to check if they were members, followed by a tracking, seizure and trading investigation.
However, if an electronic management system developed by the province is used, this process can be reduced to about 15 days.
In addition to the virtual asset exchange that the province is working with, other exchanges are also pursuing business partnerships to investigate the offenders.
Ryu Young-yong, head of the tax justice department, said, “Gyeonggi-do is the first country in the country to introduce an electronic management system for handling virtual property debts.”
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