To combat money laundering schemes and reclaim cash associated with criminal activity, the South Korean Ministry of Justice revealed intentions to implement a crypto-tracking system.
According to local media outlet khgames, 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 remittance.
The South Korean government announced plans to construct a standalone 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 statement from the ministry is roughly translated as follows:
“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 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.
The court ruled that the service provider, not the customers who pay commission for the service, should bear the weight or financial burden of technological failures.