Korean Authorities to Undertake Cryptocurrency Monitoring System Inside 5 Months
January 31, 2023
The South Korean authorities will undertake a cryptocurrency monitoring system inside the first half of this yr, the nation’s Ministry of Justice reportedly introduced. The monitoring system shall be used to watch and analyze crypto transactions, notably to uncover the sources of unlawful funds.
South Korea to Begin Monitoring Crypto Transactions in 1H
South Korea’s Ministry of Justice (MOJ) reportedly introduced that it’ll undertake a cryptocurrency monitoring system inside the first half of this yr.
In its 2023 task report, the Justice Ministry defined that the monitoring system shall be used to watch and analyze cryptocurrency transactions, notably to uncover the sources of unlawful funds. The ministry was quoted by native media as saying:
We are going to overhaul the forensic infrastructure in response to the modernization of crime.
The Korean authorities has been speaking about adopting a system to trace down unlawful crypto transactions for a lot of months. In October final yr, the nation’s Supreme Prosecutors’ Workplace mentioned it was within the course of of buying a cryptocurrency monitoring system through the Public Procurement Service.
The Ministry of Justice famous that it’ll develop its personal crypto monitoring and evaluation system within the latter half of the yr.
The MOJ announcement adopted an announcement by Monetary Supervisory Service (FSS) Governor Lee Bok-hyun, who mentioned earlier this month that the regulator is planning to develop crypto monitoring tools to often examine the dangers related to crypto property. As well as, South Korea’s Nationwide Police Company shaped an settlement with the nation’s 5 main cryptocurrency exchanges final October to gather knowledge for crypto-related crime investigations.
Within the U.S., the Division of Justice (DOJ) established the nationwide “Digital Asset Coordinator Community” of over 150 federal prosecutors in September final yr to “fight the ever-evolving legal makes use of of digital asset expertise,” the DOJ famous on the time.
Blockchain knowledge analytics agency Chainalysis estimated earlier this month that world crypto illicit transaction quantity hit an all-time high of $20.1 billion, up from $14 billion in illicit exercise within the earlier yr.
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