The South Korean government will adopt a cryptocurrency tracking system within the first half of this year, the country’s Justice Ministry reportedly announced. The tracking system will be used to monitor and analyze crypto transactions, specifically to uncover the source of illegal funds.
South Korea will begin tracking crypto transactions in the first half of
South Korea’s Ministry of Justice (MOJ)has reportedlyannounced that it will adopt a cryptocurrency tracking system during the first half of this year.
In itsYear 2023 Task Reportthe MOJ explained that the tracking system will be used to monitor and analyze cryptocurrency transactions, especially to reveal the source of illegal funds. The Ministry was quoted by local media as follows.
In response to the modernization of crime, the forensic infrastructure will be overhauled.
The South Korean government has been talking for months about adopting a system to track illegal crypto transactions. Last October, the country’s Supreme Prosecutor’s Office announced that it was in the process of purchasing a cryptocurrency tracking system through the Public Procurement Service.
The Ministry of Justice indicated that it would develop its own crypto tracking and analysis system later this year.
The Justice Ministry’s announcement follows remarks earlier this month by Financial Supervisory Service (FSS) President Lee Bok-hyun that the regulator plans to develop a crypto monitoring tool to regularly examine risks associated with crypto assets. In addition, South Korea’s National Police Agency signed an agreement with the country’s five major cryptocurrency exchanges last October to collect data for the investigation of crypto-related crimes.
In the United States, the Department of Justice (DOJ) established a national “Digital Asset Coordinator Network” of more than 150 federal prosecutors last September to “combat the ever-evolving criminal use of digital asset technology,” the DOJ said at the time.
Blockchain data analytics firm Chainalysis estimated earlier this month that global crypto fraud volumehit an all-time high of $20.1 billion, up from $14 billion in fraudulent activity the previous year.
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