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Sandeep Kumar Mishra
Jan 30, 2023
by Sandeep Kumar Mishra

South Korea to Introduce Virtual Currency Tracking System to Monitor Crypto

Virtual Currency Tracking System

Table of contents

  1. Virtual Currency Tracking System to Track Money Laundering
  2. Plans to Introduce National Digital Forensic Cloud System
The Ministry of Justice in South Korea has revealed intentions to implement a crypto-tracking system to combat money laundering schemes and reclaim cash associated with criminal activity. According to a local media outlet, the Virtual Currency Tracking System would be used to keep track of transaction history, extract data about transactions, and verify the source of cash before and after the remittance.

Virtual Currency Tracking System to Track Money Laundering

The Ministry of Justice's position is that it has decided to introduce a tracking system to strengthen the tracking of money laundering using virtual currency and the recovery of criminal proceeds. The tracking system would help the Ministry of Justice check transaction details (monitoring), extract related information between transactions, and check the source of funds before and after the remittance.

The Ministry of Justice also added that it would develop an independent tracking and analysis system in addition to the 'virtual currency tracking system' by the second half of this year.

Plans to Introduce National Digital Forensic Cloud System

To reorganize the forensic investigation infrastructure, the Ministry of Justice plans to operate the 'National Digital Forensic Cloud System' during the first half of this year. The Ministry of Justice announced that it would build a cloud system modeled after the prosecution's digital forensic system (D-Net) so that other agencies can utilize scientific investigation and forensic know-how.

In October of last year, the National Police Agency signed a business agreement with five major Korean virtual currency exchanges to cooperate in criminal investigations and prevent damage related to virtual assets. The Cyber ​​Investigation Bureau of the National Police Agency announced that it would prevent the illegal use of virtual assets and create a safe trading environment through business agreements with the five major Korean exchanges.

Currently, the National Investigation Headquarters of the National Police Agency is strengthening its investigative capabilities related to virtual currency through the professional investigator system.

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Crypto regulation South Korea Virtual Currency Tracking System
South Korea to Introduce Virtual Currency Tracking System to Monitor Crypto
Sandeep Kumar Mishra
Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.

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