South Korea to deploy cryptocurrency monitoring system in 2023

The Ministry of Justice in South Korea introduced plans to introduce a crypto-tracking system to counter cash laundering initiatives and get better funds linked to felony actions.

The “Digital Foreign money Monitoring System” might be used to observe transaction historical past, extract data associated to transactions and examine the supply of funds earlier than and after remittance, in line with 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 impartial 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 are going to enhance the forensic infrastructure (infrastructure). We’ll construct a felony justice system that meets worldwide requirements (international requirements).”

The South Korean police beforehand established an settlement with 5 native crypto exchanges to cooperate in felony investigations and finally create a secure buying and selling setting for crypto traders.

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

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

The finalized ruling from the supreme courtroom 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 must be shouldered by the service operator, not [the] service customers who pay fee for the service,” the courtroom acknowledged.

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