South Korea shared that in 2023 it will set up a cryptocurrency monitoring unit to track transaction history.
The country has announced that it will establish a cryptocurrency monitoring unit to monitor transaction history, extract information about transactions and access information before and after remittance.
South Korea to Establish Cryptocurrency Monitoring Unit in 2023
South Korea’s Ministry of Justice has announced that it plans to introduce a crypto tracking system to counter money laundering attempts and recover funds linked to criminal activities.
According to local media outlet khgames, the “Virtual Currency Monitoring System” will serve to monitor transaction history, extract information about transactions and control the source of funds before and after remittance.
The South Korean Ministry of Justice will introduce a "cryptocurrency tracking system" in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t.co/2CLkaLUrX6
— Wu Blockchain (@WuBlockchain) January 29, 2023
The system is planned to be commissioned in the first half of 2023. In the second half of the year, the South Korean ministry made public its plans to develop an independent monitoring and analysis system.
The statement from the ministry is as follows:
South Korean police previously made deals with five local cryptocurrency exchanges to cooperate in criminal investigations and provide a safer environment for users.