January 30, 2023

South Korea Set to Introduce Cryptocurrency Tracking System

South Korea Set to Introduce Cryptocurrency Tracking System Featured Image

South Korea

South Korea is looking forward to introducing a crypto-tracking system to combat money laundering initiatives and recover funds linked to criminal activities in 2023, Coin Telegraph reported.

This came in an announcement made by the South Korean Ministry of Justice, which announced to launch “Virtual Currency Tracking System” soon to observe the transaction history, get information related to transactions and make sure of the funds’ source before and after the remittance. The new tracking system is expected to be launched by the second half of 2023.

In a statement, the South Korean ministry noted: “In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”

Related to this issue, the South Korean police inked five agreements with five local crypto exchanges in the last year to cooperate in stopping the exploitation of virtual assets and creating a safe trading environment through business agreements.

Recently, South Korea made remarkable progress in the Web3 world, topped by the foundation of its capital, Seoul, in the metaverse for public services for its residents and tourists.

Named “Metaverse Seoul,” the platform allows users to file public documents, tour tourist destinations in Seoul, ask for advice for starting a business, and seek help with taxes in addition to playing games. The Seoul government has a five-year roadmap for rolling out a full list of government services and activities covering the tourism, business, and cultural sectors. Citizens of Seoul on the platform’s first phase, which had been launched today, have access to official city paperwork, file complaints and get answers about local taxes.

The US Department of Justice also founded a department in September 2022 to address crimes related to the use of cryptocurrencies. The department includes 150 federal prosecutors.

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