The Korean government will adopt a cryptocurrency tracking system in the first half of this year. crypto
The South Korean government will adopt a cryptocurrency tracking system within the first half of this year, the country’s Ministry of Justice reportedly announced. The tracking system will be used to monitor and analyze crypto transactions, particularly to uncover the sources of illegal funds.announced that it will adopt a cryptocurrency tracking system within the first half of this year.
The Ministry of Justice noted that it will develop its own crypto tracking and analysis system in the latter half of the year. The MOJ announcement followed a statement by Financial Supervisory Service Governor Lee Bok-hyun, who said earlier this month that the regulator is planning to develop to regularly inspect the risks associated with crypto assets. In addition, South Korea’s National Police Agency formed an agreement with the country’s five major cryptocurrency exchanges last October to collect data for crypto-related crime investigations.the nationwide “Digital Asset Coordinator Network” of over 150 federal prosecutors in September last year to “combat the ever-evolving criminal uses of digital asset technology,” the DOJ noted at the time.
Blockchain data analytics firm Chainalysis estimated earlier this month that global crypto illicit transaction volume
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