The ‘Virtual Currency Tracking System’ will be used to monitor transaction history, extract information related to transactions and check the source of Funds before and after the transaction.
The Ministry of Equity in South Korea declared plans to introduce a Crypto tracking system to counter money laundering initiatives and recover funds connected to Criminal activities.
The ‘Virtual Currency Tracking System’ will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after the transaction.
While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an autonomous tracking and analysis system in the second half of the year. An unpleasant translation of the ministry’s statement peruses:
“In light of the sophistication of wrongdoing, we will improve the forensic infrastructure.We will build a criminal equity system that satisfies international guidelines (global principles).”
The South Korean police recently settled an agreement with five local Crypto exchanges to cooperate in criminal investigations — to create a protected trading environment for Crypto investors ultimately.
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