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South Korean authorities unveiled plans to launch several crypto-related systems.
South Korean Ministry of Justicecabinet-level ministries overseeing judicial affairs, reportedly plans to launch a “Virtual Currency Tracking System.”
According to news report shared by local news portal khgames, crypto tracking system is expected to see daylight in the first half of 2023.
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News reports note that the Ministry of Justice is set to use a “Virtual Currency Tracking System” to fight money laundering and recover funds associated with criminal activity.
In particular, the South Korean authorities will use a crypto tracking system to monitor transaction details, “extract related information between transactions, and check the source of funds before and after remittances.”
Nevertheless, in the second half of this year, the Ministry of Justice plans to launch an “independent tracking and analysis system.” The ministry is reported to have noted:
In response to the sophistication of crime, we will improve our forensic infrastructure. We will build a criminal justice system that meets international standards.
In addition, along with the development and launch of the “Virtual Currency Tracking System”, South Korea is also planning to launched the “National Digital Forensic Cloud System.”
The Ministry of Justice claims that the cloud system is set up to operate as a forensic investigation infrastructure. South Korean authorities are reportedly planning to build a cloud system “copying the prosecutor’s digital forensics system (D-Net).”
It seems that South Korean officials are taking several steps to ensure safe and secure crypto operations. In October 2022, the South Korean police reported struck deals with five local crypto exchanges to assist officials in criminal investigations and “prevent virtual asset-related damages.”
Recently, South Korean prosecutor requested arrest warrant for Bithumb crypto exchange owner and chairman Kang Jong-Hyun. The move comes after South Korean authorities launched an investigation into Bithumb executives, charged them with “embezzlement and breach of trust,” as well as fraudulent and illegal transactions.
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