Korean Government to Adopt Cryptocurrency Tracking System Within 5 Months

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</header> <div class="featured_image_container"> <img width="1280" height="720" src="https://static.news.bitcoin.com/wp-content/uploads/2023/01/ministry-of-justice-korea.jpg" class="story__img article__poster" alt="Korean Government to Adopt Crypto Tracking System Within 5 Months" decoding="async" loading="lazy" srcset="https://static.news.bitcoin.com/wp-content/uploads/2023/01/ministry-of-justice-korea-300x169.jpg 300w, https://static.news.bitcoin.com/wp-content/uploads/2023/01/ministry-of-justice-korea-1024x576.jpg 1024w, https://static.news.bitcoin.com/wp-content/uploads/2023/01/ministry-of-justice-korea-768x432.jpg 768w, https://static.news.bitcoin.com/wp-content/uploads/2023/01/ministry-of-justice-korea-190x107.jpg 190w, https://static.news.bitcoin.com/wp-content/uploads/2023/01/ministry-of-justice-korea-380x214.jpg 380w, https://static.news.bitcoin.com/wp-content/uploads/2023/01/ministry-of-justice-korea-760x428.jpg 760w, https://static.news.bitcoin.com/wp-content/uploads/2023/01/ministry-of-justice-korea.jpg 1280w" sizes="(max-width: 1280px) 100vw, 1280px"/> </div> <p><strong>The South Korean authorities will undertake a cryptocurrency monitoring system throughout the first half of this yr, 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.</strong></p> <h2>South Korea to Begin Monitoring Crypto Transactions in 1H</h2> <p>South Korea’s Ministry of Justice (MOJ) reportedly introduced that it's going to undertake a cryptocurrency monitoring system throughout the first half of this yr.</p> <p>In its 2023 job 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:</p> <blockquote><p>We are going to overhaul the forensic infrastructure in response to the modernization of crime.</p></blockquote> <p>The Korean authorities has been speaking about adopting a system to trace down unlawful crypto transactions for a lot of months. In October final yr, the nation’s Supreme Prosecutors’ Workplace mentioned it was within the course of of buying a cryptocurrency monitoring system by way of the Public Procurement Service.</p> <p>The Ministry of Justice famous that it's going to develop its personal crypto monitoring and evaluation system within the latter half of the yr.</p> <p>The MOJ announcement adopted a press release by Monetary Supervisory Service (FSS) Governor Lee Bok-hyun, who mentioned earlier this month that the regulator is planning to develop crypto monitoring instruments to often examine the dangers related to crypto belongings. As well as, South Korea’s Nationwide Police Company fashioned an settlement with the nation’s 5 main cryptocurrency exchanges final October to gather knowledge for crypto-related crime investigations.</p>

<p>Within the U.S., the Division of Justice (DOJ) established the nationwide “Digital Asset Coordinator Community” of over 150 federal prosecutors in September final yr to “fight the ever-evolving prison makes use of of digital asset expertise,” the DOJ famous on the time.</p> <p>Blockchain knowledge analytics agency Chainalysis estimated earlier this month that world crypto illicit transaction quantity hit an all-time excessive of $20.1 billion, up from $14 billion in illicit exercise within the earlier yr.</p> <p><em><strong>What do you concentrate on the South Korean authorities adopting a cryptocurrency monitoring system? Tell us within the feedback part beneath.</strong></em></p> <div class="article__body__author"> <div class="article__body__author__avatar"> <img src="https://static.news.bitcoin.com/wp-content/uploads/2016/12/Kevin-200x200-closeup-150x150.png" srcset="https://static.news.bitcoin.com/wp-content/uploads/2016/12/Kevin-200x200-closeup-150x150.png 1x, https://static.news.bitcoin.com/wp-content/uploads/2016/12/Kevin-200x200-closeup.png 2x" class="avatar avatar-150 photo"/> </div> <div class="article__body__author__info"> <h6 class="article__body__author__info__name"> Kevin Helms </h6> <p class="article__body__author__info__about"> A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.<br/><span class="td-social-icon-wrap">

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