The South Korean Ministry of Justice has announced plans to deploy a new “Virtual Currency Tracking System” in the first half of 2023 to monitor the transaction history of cryptocurrencies, extract information related to transactions, and check the source of funds before and after remittances.
Countering Money Laundering and Recovery of Criminal Proceeds
The system aims to counter money laundering and recover funds linked to criminal activities.
The South Korean Ministry of Justice has announced plans to deploy a new “Virtual Currency Tracking System” in the first half of 2023 to monitor the transaction history of cryptocurrencies, extract information related to transactions, and check the source of funds before and after remittances.
The system aims to counter money laundering initiatives and recover funds linked to criminal activities. The Ministry also shared plans to develop an independent tracking and analysis system in the second half of 2023 to meet international standards.
The South Korean police have previously established an agreement with five local crypto exchanges to cooperate in criminal investigations, creating a safe trading environment for crypto investors. The South Korean Supreme Court has also ruled that a crypto exchange must pay damages to investors over a service outage. The court stated that the burden or cost of technological failures should be shouldered by the service operator, not the service users.
The South Korean Ministry of Justice will introduce a "cryptocurrency tracking system" in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t.co/2CLkaLUrX6
— Wu Blockchain (@WuBlockchain) January 29, 2023
Recommended reading: 5 Tips for Beginner Bitcoin Traders
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Frequently Asked Questions
FAQ:
What is the Virtual Currency Tracking System in South Korea?
The Virtual Currency Tracking System is a system introduced by the South Korean Ministry of Justice to monitor the transaction history of cryptocurrencies, extract information related to transactions, and check the source of funds before and after remittances.
Why was the Virtual Currency Tracking System introduced in South Korea?
The Virtual Currency Tracking System was introduced by the South Korean Ministry of Justice to counter money laundering initiatives and recover funds linked to criminal activities using cryptocurrencies.
When is the Virtual Currency Tracking System planned to be deployed in South Korea?
The Virtual Currency Tracking System is planned to be deployed in the first half of 2023.
What is the goal of the Virtual Currency Tracking System in South Korea?
The goal of the Virtual Currency Tracking System is to counter money laundering initiatives and recover funds linked to criminal activities using cryptocurrencies.
Has the South Korean police taken any steps to create a safe trading environment for crypto investors?
Yes, the South Korean police have established an agreement with five local crypto exchanges to cooperate in criminal investigations and create a safe trading environment for crypto investors.
