The South Korean authorities will undertake a cryptocurrency monitoring system inside the first half of this 12 months, the nation’s Ministry of Justice reportedly introduced. The monitoring system might be used to watch and analyze crypto transactions, significantly 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 12 months.
In its 2023 task report, the Justice Ministry defined that the monitoring system might be used to watch and analyze cryptocurrency transactions, significantly to uncover the sources of unlawful funds. The ministry was quoted by native media as saying:
We’ll 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 12 months, 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 12 months.
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 frequently examine the dangers related to crypto belongings. As well as, South Korea’s Nationwide Police Company shaped an settlement with the nation’s 5 main cryptocurrency exchanges final October to gather information 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 12 months to “fight the ever-evolving felony makes use of of digital asset expertise,” the DOJ famous on the time.
Blockchain information 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 12 months.
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