The South Korean Ministry of Justice announced plans to implement a crypto-tracking system to prevent money laundering schemes and recover funds linked to criminal activity.
According to the local media outlet, the “Virtual Currency Tracking System” would be used to keep track of transaction history, extract data about transactions, and verify the source of cash both before and after the remittance.
The South Korean government announced plans to construct an independent tracking and analysis system in the second half of the year, even though the system is scheduled to be deployed in the first half of 2023. The ministry’s statement can be approximately translated as follows:
They will upgrade the forensic infrastructure in response to the sophistication of crime (infrastructure). They will 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 found that cryptocurrency exchange Bithumb must compensate investors for a 1.5-hour service disruption on November 12, 2017, and ordered Bithumb to do so.
The supreme court’s final decision mandated that the 132 investors concerned get damages ranging from as little as $6 to around $6,400.
In accordance with the court’s decision, the service operator shall bear the burden or cost of technological breakdowns, not [the] service users who pay commission for the service.
