Korean Government to Adopt Cryptocurrency Tracking System Within 5 Months
Korean Government to Adopt Cryptocurrency Tracking System Within 5 Months
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.
South Korea’s Ministry of Justice (MOJ) reportedly announced that it will adopt a cryptocurrency tracking system within the first half of this year.
In its 2023 task report, the Justice Ministry explained that the tracking system will be used to monitor and analyze cryptocurrency transactions, particularly to uncover the sources of illegal funds. The ministry was quoted by local media as saying:
We will overhaul the forensic infrastructure in response to the modernization of crime.
The Korean government has been talking about adopting a system to track down illegal crypto transactions for many months. In October last year, the country’s Supreme Prosecutors’ Office said it was in the process of purchasing a cryptocurrency tracking system via the Public Procurement Service.
