South Korea will implement a crypto-tracking system in 2023

by Jan 30, 2023CryptoNews0 comments

The “Virtual Currency Tracking System” will be used to track transaction history, extract transaction details, and verify the source of money before and after the transfer. South Korea revealed intentions to implement a crypto-tracking system to combat money laundering and reclaim cash associated with illegal activity.

According to local media site khgames, the “Virtual Currency Tracking System” would monitor transaction history, extract transaction details, and confirm the source of funds before and after transmission.

While the system is expected to be operational in the first half of 2023, South Korea has stated that it would construct an independent tracking and analysis system in the second half of the year. The ministry’s statement is roughly translated 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

The South Korean authorities previously agreed to collaborate in criminal investigations with five local crypto exchanges in order to promote a safe trading environment for crypto investors.

The South Korean Supreme Court found that cryptocurrency exchange Bithumb must compensate investors for a 1.5-hour downtime on November 12, 2017.

The supreme court’s ultimate decision ruled that damages ranging from $6 to about $6,400 be given to the 132 investors concerned.

See also  Bank for International Settlements (BIS) Successfully Tests Cross-Border Payments with Central Bank Digital Currencies (CBDCs)

“The burden or expense of technological breakdowns should be borne by the service operator rather than [the] service consumers who pay commission for the service,” the court stated.

Recent News

Recent Posts

Disclaimer: The information provided on this website is for informational purposes only. We strive to ensure the accuracy and reliability of the content, but we make no representations or warranties of any kind, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information. The use of this website is solely at your own risk.
We do not endorse or promote any specific cryptocurrencies, projects, exchanges, or investments mentioned on this website. The inclusion of any external links does not imply endorsement or recommendation.
Please note that the cryptocurrency market is highly volatile and involves substantial risks. You should carefully consider your own financial situation and risk tolerance before engaging in any cryptocurrency-related activities.

Related Post


Submit a Comment

Your email address will not be published. Required fields are marked *