South Korea Unveils Cryptocurrency Monitoring Plan
The South Korean Ministry of Justice announced plans to implement a crypto-tracking system in order to combat money laundering schemes and reclaim cash associated with criminal activity.
The “Virtual Currency Tracking System” would be used to track transaction history, extract transaction data, and verify the source of cash both before and after remittance.
Even though the system is scheduled to be deployed in the first half of 2023, the South Korean government announced plans to build a standalone tracking and analysis system in the second half of this year.
According to the ministry’s statement, “We will upgrade the forensic infrastructure in response to the sophistication of crime” (infrastructure). We’ll create a criminal justice system that satisfies global and international norms.”
With the goal of fostering a secure trading environment for cryptocurrency investors, the South Korean police already reached an agreement with five regional crypto exchanges.
The South Korean Supreme Court ordered cryptocurrency exchange Bithumb to compensate investors for a 1.5-hour service disruption on November 12, 2017.
The final decision of the Supreme Court mandated that the 132 investors involved receive damages ranging from $6 to $6,400.
The court ruled that the burden or cost of technological breakdowns should be borne by the service provider, not the customers who pay commission for the service.
(With inputs from Shikha Singh)
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