South Korea is taking another step into the cryptocurrency dominance world with South Korea’s Cryptocurrency Tracking System. Read about it here.
The South Korean government has taken a step to stop money laundering activities related to cryptocurrency. The Ministry of Justice has announced plans to launch a crypto tracking system to track cryptocurrency. This will also be helpful in recovering the funds from criminal activities.
The system is supposed to be deployed in the first half of 2023 and in the second half the ministry will be developing independent tracking and analysis system. The ministry’s statement reads: –
“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards)”
Lee Bok-Hyun, the Financial Supervisory Services Governor stated: –
“Government is planning to establish a digital currency monitoring tool to secure data and counteract market dangers”
South Korea’s Cryptocurrency Tracking System Fighting Crypto Crimes
Because of the recent instability and bankruptcy-related cases seen in the crypto market, the South Korean government is getting stricter with the rules and regulations. The citizens of Korea have shown tremendous interest in cryptocurrency where 2 Million Koreans or around 4% of the population possess cryptocurrency. But at the same time around one-third of the crypto transactions are involved with unlawful foreign exchanges. We can’t forget about the tragic Terra Luna Crash which happened under the role of Do Kwon.
Do Known has been charged with various charges and the prosecutor are looking for him for a long now as he has flown away from the country. Other than this a group of 132 cryptocurrency investors won a lawsuit earlier this month after a South Korean court against Bithumb. The court determined that Bithumb must pay $200k in damages during a 1.5-hour service interruption on November 12, 2017.
In terms of crypto development, we are seeing news related to South Korea every other day. This includes talks of the recent launch of the Seoul metaverse and much more. As said by Khgames, a local media outlet, the virtual currency monitoring system will be used to track transaction history, gather information about transactions, and confirm the source of funds both before and after the transfer.
South Korean Police On Crypto Duty
The “National Digital Forensic Cloud System” is another project the Ministry of Justice is working on. This is also expected to be completed in the first half of this year. To enable use by other agencies, the forensic cloud system will be created in the same manner as the digital forensic system (D-Net).
Earlier the South Korean Police established an agreement with 5 local crypto exchanges. This was done so that the exchanges could help in criminal investigations and create a safe environment for crypto traders. The nation’s Cyber Investigation Bureau of the National Police Agency declared that it will stop the illicit usage of cryptocurrencies. To improve its investigations, the nation’s police force has dramatically boosted the number of blockchain security experts.
Hackers have developed more strategies to break into target systems in response to intensified worldwide crypto surveillance. Recently the US government recently discovered that North Korean hackers are accessing the Web3 employment market. As a result, the hackers can gain direct access to their intended DeFi protocol. This will lead to the quick and effective spread of malicious code.
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