South Korea to deploy cryptocurrency tracking system in 2023

The Ministry of Justice in South Korea introduced plans to introduce a crypto monitoring system to counter cash laundering initiatives and recuperate funds linked to legal actions.

The ‘Digital Foreign money Monitoring System’ shall be used to observe transaction historical past, extract data associated to transactions and examine the supply of funds earlier than and after remittance, according to native media outlet khgames.

Whereas the system is slated to be deployed within the first half of 2023, the South Korean ministry shared plans to develop an unbiased monitoring and evaluation system within the second half of the yr. A tough translation of the ministry’s assertion reads:

“In response to the sophistication of crime, we’ll enhance the forensic infrastructure (infrastructure). We’ll construct a legal justice system that meets worldwide requirements (international requirements).”

The South Korean police beforehand established an settlement with 5 native crypto exchanges to cooperate in legal investigations — to create a protected buying and selling setting for crypto traders in the end.

Associated: South Korean prosecutors request arrest warrant for Bithumb proprietor: Report

The South Korean Supreme Court docket dominated that crypto trade Bithumb should pay damages to traders over a 1.5-hour service outage on Nov. 12, 2017.

The finalized ruling from the Supreme Court docket ordered damages starting from as little as $6 to round $6,400 be paid to the 132 traders concerned.

“The burden or the price of technological failures needs to be shouldered by the service operator, not [the] service customers who pay fee for the service,” the court docket said.

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