- South Korea’s Ministry of Justice plans to launch a crypto tracker by the first half of 2023.
- The country aims to put its citizens first by protecting them against crypto-related harms.
- The government also revealed its plans for the year’s second half along with the ‘Virtual Currency Tracking System.’
The South Korean Ministry of Justice has revealed its latest plans to regulate and monitor cryptocurrency in its country.
On January 26, the Ministry of Justice announced that it would launch a ‘virtual currency tracking system’ aimed at curbing money laundering by tracking and using digital currency and recovering criminal proceeds.
According to a local media outlet, Khgames, the news was disbursed through the 2023 Government Business Report, and it was stated that the Virtual Currency Tracking System would be launched in the first half of the year.
The South Korean government has introduced ways to monitor cryptocurrency transactions to protect its citizens and global citizens from crimes sponsored by cryptocurrencies and perpetrated by criminal masterminds in the crypto space.
The Ministry of Justice intends to review transaction details, extract related data between transactions, and inspect the source of funds before and after the remittance. The South Korean Ministry of Justice declared its plans for 2023 regarding the crypto space and broke down the goals it aims to achieve by the end of the year.
South Korea’s Financial Supervisory Services Governor, Lee Bok-hyun, revealed the government’s plan to combat money laundering and protect its citizen’s personal information from malevolent actors in the crypto industry.
South Korea’s Tracking and Analysis System
With the ‘Virtual Currency Tracking System’ being the first to be launched in the first half of 2023, the government also mentioned that it would create an independent tracking and analysis system by the second half of 2023.
“We will remodel the scientific investigation infrastructure (infrastructure) in reaction to the modernization of crime,” the Ministry of Justice revealed.
To achieve its recently announced goal, the South Korean MOJ plans to operate the ‘National Digital Forensic Cloud System’ in the first half of 2023. The government intends to educate and equip other agencies with forensic “know-how” and scientific investigation by building a cloud system created in the image of the prosecution’s digital forensic system (D-Net).
South Korean police entered an agreement with five major Korean-won virtual currency exchanges.
In October 2022, the South Korean police signed a business agreement with five big-league Korean won digital currency exchanges to unite in solving criminal investigations and help curb damages concerning digital assets.
The Cyber Investigation Bureau of the National Police Agency declared that it would prohibit the unlawful use of digital assets and build a safe and secure trading environment for crypto traders and investors in South Korea.
Conclusion
The South Korean Ministry of Justice announced that it would be launching a cryptocurrency tracking system in the first half of 2023. This incentive was to curb money laundering and other damage inflicted upon its citizens in the crypto space.
