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South Korea unveils plans to monitor cryptocurrency in 2023

In this post:

  • South Korean Ministry of Justice revealed intentions to implement a crypto-tracking system.
  • The South Korean police have already reached an agreement with five regional exchanges.

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

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 the remittance.

The South Korean government announced plans to construct a standalone tracking and analysis system in the second half of the year, even though the system is scheduled to be deployed in the first half of 2023. According to the ministry’s statement,

“We will upgrade the forensic infrastructure in response to the sophistication of crime” (infrastructure). We’ll create a criminal justice system that satisfies global and international norms.”

South Korean cryptocurrency regulation

Intending to foster a secure trading environment for digital currency investors, the South Korean police have already reached an agreement with five regional crypto exchanges.

The South Korean Supreme Court decided 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 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 burden or cost of technological breakdowns.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Ryan Salame
Cryptopolitan
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