WebsCrypto
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
Facebook Twitter LinkedIn Telegram
WebsCryptoWebsCrypto
ADVERTISE
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
WebsCrypto
Markets

South Korea Implements Virtual Currency Tracking System to Tackle Money Laundering

By Simon LawsonJanuary 31, 20232 Mins Read
South Korea Implements Virtual Currency Tracking System to Tackle Money Laundering
Share
Facebook Twitter Telegram LinkedIn Reddit Email

South Korea has taken a significant step in its efforts to tackle money laundering and other criminal activities in the crypto space by introducing a new virtual currency tracking system. The Ministry of Justice in South Korea recently announced plans to deploy the Virtual Currency Tracking System in the first half of 2023, with the aim of monitoring transaction history and extracting information related to crypto transactions.

The new system will also be used to check the source of funds before and after remittance, ensuring that all transactions are legitimate. The Ministry of Justice stated that it aims to develop an independent tracking and analysis system in the second half of 2023, in response to the sophistication of crime.

Building a Criminal Justice System Meeting Global Standards

The South Korean Ministry of Justice aims to build a criminal justice system that meets international standards, to effectively tackle the issues of money laundering and other criminal activities in the crypto space. The system will be used to track and monitor the flow of crypto transactions and to identify any suspicious activity.

The South Korean police have already established an agreement with five local crypto exchanges to cooperate in criminal investigations and to create a safe trading environment for crypto investors. This move is aimed at ensuring the protection of crypto investors and to provide a secure trading environment for all.

Related:  SEC Files Emergency Action Against Bkcoin and Its Principal Kevin Kang for Orchestrating a $100 Million Crypto Fraud Scheme

Supreme Court Ruling in Favor of Crypto Investors

The South Korean Supreme Court recently ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on November 12, 2017. The ruling ordered damages ranging from as little as $6 to around $6,400 to be paid to the 132 investors involved. The court stated that the burden or cost of technological failures should be shouldered by the service operator, not the service users who pay commission for the service.

In conclusion, South Korea’s efforts to tackle money laundering and other criminal activities in the crypto space are commendable. The implementation of the Virtual Currency Tracking System is a significant step towards ensuring a secure trading environment for crypto investors. The country’s efforts to build a criminal justice system that meets international standards, and the recent supreme court ruling in favor of crypto investors, show that South Korea is committed to creating a favorable environment for the crypto industry.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Crypto Exchange
Related News

Crackdown on Crypto Crime: UK Sets Out Plans

SBF Pleads Not Guilty to All 13 Counts

Report: Cryptocurrency Donations Will Exceed $10 Billion in Ten Years

India to Collect Over $19.2 Million in Cryptocurrency Taxes in FY 2023

Mike Novogratz: Despite U.S. Regulations, Cryptocurrency Markets Have Been Strong This Year

US Government Seizes $5.6 Billion Worth of Bitcoin in Three High-Profile Cases

The Latest
News April 1, 2023
Crackdown on Crypto Crime: UK Sets Out Plans
Business April 1, 2023
Aspen Digital Appoints Elliot Andrews as CEO
News March 31, 2023
SBF Pleads Not Guilty to All 13 Counts
News March 30, 2023
Report: Cryptocurrency Donations Will Exceed $10 Billion in Ten Years
News March 30, 2023
India to Collect Over $19.2 Million in Cryptocurrency Taxes in FY 2023
Block 3000

WebsCrypto contains crypto news about cryptocurrencies, bitcoin, ethereum, altcoins and more.

Facebook Twitter LinkedIn Telegram RSS
Categories
  • News
  • Markets
  • Business
  • Markets
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Tags
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Regulation
  • Policy
About
  • About Us
  • Contact Us
  • Advertise
  • Crypto Prices
  • Privacy Policy
  • Terms of Service
© 2023 WebsCrypto.

Type above and press Enter to search. Press Esc to cancel.