March 31, 2023


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South Korea to deploy cryptocurrency tracking system in 2023

2 min read

The Ministry of Justice in South Korea introduced plans to introduce a crypto monitoring system to counter cash laundering initiatives and get well funds linked to prison actions.

The ‘Digital Forex Monitoring System’ will probably be used to observe transaction historical past, extract info associated to transactions and verify the supply of funds earlier than and after remittance, according to native media outlet khgames.

Whereas the system is slated to be deployed within the first half of 2023, the South Korean ministry shared plans to develop an impartial monitoring and evaluation system within the second half of the yr. A tough translation of the ministry’s assertion reads:

“In response to the sophistication of crime, we are going to enhance the forensic infrastructure (infrastructure). We are going to construct a prison justice system that meets worldwide requirements (world requirements).”

The South Korean police beforehand established an settlement with 5 native crypto exchanges to cooperate in prison investigations — to create a secure buying and selling surroundings for crypto traders finally.

Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report

The South Korean Supreme Courtroom dominated that crypto trade Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.

The finalized ruling from the Supreme Courtroom ordered damages starting from as little as $6 to round $6,400 be paid to the 132 traders concerned.

“The burden or the price of technological failures ought to be shouldered by the service operator, not [the] service customers who pay fee for the service,” the courtroom said.