South Korean authorities unveil plans to launch several crypto-related systems.
South Korea’s Ministry of Justice, a cabinet-level ministry overseeing justice affairs, is reportedly planning to launch the “Virtual Currency Tracking System.”
According to the news report shared by local news portal khgames, the crypto-tracking system is expected to see daylight in the first half of 2023.
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The news report noted that the Ministry of Justice is set to use a “Virtual Currency Tracking System” to fight against money laundering and recover funds tied to criminal activity.
In particular, South Korean authorities will use a crypto-tracking system to monitor transaction details, “extract related information between transactions, and check the source of funds before and after remittance.”
Nevertheless, in the second half of the year, the Ministry of Justice is planning to roll out “an independent tracking and analysis system.” The Ministry has reportedly noted:
In response to the sophistication of crime, we will improve the forensic infrastructure. We will build a criminal justice system that meets international standards.
On top of that, along with the development and launch of the “Virtual Currency Tracking System,” South Korea is also planning to roll out the “National Digital Forensic Cloud System.”
The Ministry of Justice claimed that the cloud system is set to operate as a forensic investigation infrastructure. South Korean authorities are reportedly planning to build a cloud system “modeled after the prosecutor’s digital forensic system (D-Net).”
It appears that South Korean officials are taking several steps to ensure safe and secure crypto operations. In October 2022, South Korean police reportedly made an agreement with five local crypto exchanges to assist officials in criminal investigations and “prevent damage related to virtual assets.”
Recently, South Korean prosecutors requested an arrest warrant for crypto exchange Bithumb owner and chairman Kang Jong-Hyun. The move comes after South Korean authorities launched an investigation into Bithumb executives, charging them with “embezzlement and breach of trust,” as well as making fraudulent and illegal transactions.
