The South Korean authorities will undertake a cryptocurrency monitoring system throughout the first half of this yr, the nation’s Ministry of Justice reportedly introduced. The monitoring system will likely be used to monitor and analyze crypto transactions, significantly to uncover the sources of unlawful funds.
South Korea to Start Tracking Crypto Transactions in 1H
South Korea’s Ministry of Justice (MOJ) reportedly introduced that it’s going to undertake a cryptocurrency monitoring system throughout the first half of this yr.
In its 2023 job report, the Justice Ministry defined that the monitoring system will likely be used to monitor and analyze cryptocurrency transactions, significantly to uncover the sources of unlawful funds. The ministry was quoted by native media as saying:
We will overhaul the forensic infrastructure in response to the modernization of crime.
The Korean authorities has been speaking about adopting a system to observe down unlawful crypto transactions for a lot of months. In October final yr, the nation’s Supreme Prosecutors’ Office mentioned it was within the course of of buying a cryptocurrency monitoring system through the Public Procurement Service.
The Ministry of Justice famous that it’s going to develop its personal crypto monitoring and evaluation system within the latter half of the yr.
The MOJ announcement adopted a press release by Financial Supervisory Service (FSS) Governor Lee Bok-hyun, who mentioned earlier this month that the regulator is planning to develop crypto monitoring instruments to frequently examine the dangers related to crypto property. In addition, South Korea’s National Police Agency fashioned an settlement with the nation’s 5 main cryptocurrency exchanges final October to gather information for crypto-related crime investigations.
In the U.S., the Department of Justice (DOJ) established the nationwide “Digital Asset Coordinator Network” of over 150 federal prosecutors in September final yr to “combat the ever-evolving criminal uses of digital asset technology,” the DOJ famous on the time.
Blockchain information analytics agency Chainalysis estimated earlier this month that world crypto illicit transaction quantity hit an all-time excessive of $20.1 billion, up from $14 billion in illicit exercise within the earlier yr.
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