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.
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.
