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South Korea’s Ministry of Justice announces introducing a “virtual asset tracking system” in the first half of this year. South Korea aims to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. As per government data, 75% of illegal foreign exchange transactions in the country are crypto-related.
South Korea’s Ministry of Justice Introducing Crypto Tracking System
South Korea has become one of the leading crypto markets in recent years, with crypto-related crimes also rising higher. Crypto regulations and government oversight have increased in the country due to rising crypto crimes amid adoption, especially after the Terra-LUNA crisis.
The Ministry of Justice will introduce a “crypto tracking system” in the first half of this year to track transactions linked to money laundering and criminal proceeds.
The ministry will use the tracking system to check and monitor transaction records, extract details on the relationship between transactions, and confirm fund sources before and after transfers. In addition, a plan to develop their own crypto tracking and analysis system during the same period is also in progress.
“We will overhaul the scientific investigation infrastructure (infrastructure) in response to the modernization of crime.”
The Ministry of Justice also plans to establish the ‘National Digital Forensic Cloud System’ during the first half of this year. The cloud system will be modeled around the digital forensic system (D-Net) to enable other agencies to use the forensic cloud system.
Last year, the Cyber Investigation Bureau of the National Police Agency signed an agreement with five major Korean crypto exchanges. It will prevent the illegal use of virtual assets and create a safe trading environment.
The U.S. Department of Justice also established the “Digital Asset Coordinator” Network to track crypto-related crimes. The “Digital Asset Coordinator” Network was created as part of the digital asset regulatory framework announced by the White House in September last year.
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