{"id":17101,"date":"2023-01-31T04:10:00","date_gmt":"2023-01-31T04:10:00","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/korean-government-to-adopt-cryptocurrency-tracking-system-within-5-months-regulation-bitcoin-news\/"},"modified":"2023-01-31T04:10:00","modified_gmt":"2023-01-31T04:10:00","slug":"korean-government-to-adopt-cryptocurrency-tracking-system-within-5-months-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/korean-government-to-adopt-cryptocurrency-tracking-system-within-5-months-regulation-bitcoin-news\/","title":{"rendered":"Korean Government to Adopt Cryptocurrency Tracking System Within 5 Months \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The South Korean government will adopt a cryptocurrency tracking system within the first half of this year, the country\u2019s 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.<\/strong><\/p>\n

South Korea to Start Tracking Crypto Transactions in 1H<\/h2>\n

South Korea\u2019s Ministry of Justice (MOJ) reportedly<\/a> announced that it will adopt a cryptocurrency tracking system within the first half of this year.<\/p>\n

In its 2023 task report<\/a>, 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:<\/p>\n

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We will overhaul the forensic infrastructure in response to the modernization of crime.<\/p>\n<\/blockquote>\n

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\u2019s Supreme Prosecutors\u2019 Office said it was in the process of purchasing a cryptocurrency tracking system via the Public Procurement Service.<\/p>\n

The Ministry of Justice noted that it will develop its own crypto tracking and analysis system in the latter half of the year.<\/p>\n

The MOJ announcement followed a statement by Financial Supervisory Service (FSS) Governor Lee Bok-hyun, who said earlier this month that the regulator is planning to develop crypto monitoring tools<\/a> to regularly inspect the risks associated with crypto assets. In addition, South Korea\u2019s National Police Agency formed an agreement with the country\u2019s five major cryptocurrency exchanges last October to collect data for crypto-related crime investigations.<\/p>\n

In the U.S., the Department of Justice (DOJ) established<\/a> the nationwide \u201cDigital Asset Coordinator Network\u201d of over 150 federal prosecutors in September last year to \u201ccombat the ever-evolving criminal uses of digital asset technology,\u201d the DOJ noted at the time.<\/p>\n

Blockchain data analytics firm Chainalysis estimated earlier this month that global crypto illicit transaction volume hit an all-time high<\/a> of $20.1 billion, up from $14 billion in illicit activity in the previous year.<\/p>\n

What do you think about the South Korean government adopting a cryptocurrency tracking system? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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