Korean government to adopt cryptocurrency tracking system within 5 months

The South Korean country’s Ministry of Justice Department has announced that it will adopt or consider a cryptocurrency tracking system within the first half of this year as the South Korean government. Of course, tracking systems will be used to monitor and analyze crypto related transactions, especially to show the sources of illegal money or through its use itself. Benefits of the best services will be enabled through a tracking system. South Korea’s Justice Ministry has reportedly announced that it will introduce or adopt a tracking system within the first half of this year. In its 2023 work report, the Ministry of Justice states that this tracking system will certainly be used for monitoring and analyzing cryptocurrency transactions, including uncovering and uncovering illegal sources of funds. Will happen. In addition the ministry was mentioned by local media as saying that it would attempt to repair a forensic infrastructure in response to the modernization of crime.
Certainly the Korean government has been talking about developing a robust system to track illegal crypto transactions for months and preparing its own accountability to act on it, and in October last year one of the country’s top prosecutor’s offices It was stated that it is in the process of procuring Cryptocurrency Tracking System through Public Procurement Limit and is working on the same idea. The Ministry of Justice also notes that it is working to develop its own crypto tracking system in the second half of the year and is considering implementing it analytically. The Justice Department’s announcement follows a statement from the Governor of the Financial Supervisory Service, Lee Bok-hyun, who said earlier this month that the regulator would establish a new system to regularly oversee the risks associated with crypto assets. Working and building plans to develop crypto monitoring tools. Additionally, South Korea’s National Police Agency signed an agreement with the country’s five major cryptocurrency exchanges in October to collect data for cryptocurrency-related crime investigations. In the United States, a nationwide “Digital Asset Coordinator Network” of more than 150 federal prosecutors was established by the Justice Department last September to combat the ever-evolving criminal uses of digital asset technology, the Justice Department said at the same time. Earlier this month, blockchain data analytics firm Chainalysis estimated that global illicit transaction volume had reached its highest ever level of $20.1 billion, up from more than $14 billion in illicit activity last year. .


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