South Korea to Deploy a Crypto Tracking System

In order to monitor the transaction history, extract information related to transactions, and verify the source of funds before and after remittance, the "Virtual Currency Tracking System" will be utilized.

South Korea to Deploy a Crypto Tracking System

To counter money laundering initiatives and recover funds linked to criminal activities, the South Korean Ministry of Justice announced plans to implement a crypto-tracking system.

Khgames reports that the "Virtual Currency Tracking System" will be used to monitor transaction history, extract transaction information, and check the source of funds before and after the remittance.

Source: Twitter

Despite the fact that the system is to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. In a rough translation, the statement reads as follows:

“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”

An agreement was previously established by the South Korean police with five local crypto exchanges to facilitate criminal investigations and to provide investors with a safe trading environment.

Bithumb was ordered by the South Korean Supreme Court to compensate investors for a 1.5-hour service outage that occurred on November 12, 2017.

The supreme court's final decision ordered the 132 investors involved to receive damages ranging from $6 to around $6,400.

As stated by the court, the burden or cost of technological failures should be borne by the service provider, not the service users who pay commissions for the service.

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