News By  Dmytro Litvinko
Newbie 366 2 Feb 2023

South Korea to introduce a crypto tracking system

By  Dmytro Litvinko 366 2 Feb 2023
Photo - South Korea to introduce a crypto tracking system

The South Korean Ministry of Justice has announced a program called "Virtual Currency Tracking System" aimed at combating money laundering. It provides for the verification of already completed and new cryptocurrency transactions, including the study of the sources of origin of funds.

Ministry representatives say that the methods of cybercriminals are becoming more sophisticated, so it was decided to build a modern criminal justice system that meets international standards. It is noted that it will be introduced in the first half of 2023.

Previously, law enforcement agencies worked differently. They agreed with five Korean crypto exchanges to cooperate in criminal investigations, arguing that the authorities are striving to create a safe environment for crypto investors and traders.
Last month, the South Korean Supreme Court ruled to pay damages to users of the Bithumb cryptocurrency exchange due to a 1.5-hour outage that occurred back in late 2017. The judge said that the exchange should take this responsibility, because it charges users a commission for its services.

Gagarin News has previously reported that the police began to conduct searches in the Bithumb office, trying to find and seize information about illegal transactions.

It seems that South Korea has taken cryptocurrencies seriously, and not only in terms of regulating or tackling crime. For example, the government of Seoul presented a project of the metaverse, which will allow residents of the capital to access city services in a virtual environment.