South Korea to Launch Crypto Tracking System in 2023: Report

[ad_1]

The multitude of unforeseen events in 2022 have certainly had an impact on South Korea and its user base. A recent survey also adds to the fact that much of the country’s wealthy economy has even lost faith in cryptocurrencies. With 2023 starting off on a high note and all major coins making double-digit gains in the last 30 days, confidence might have been restored.

In the latest news published by a local media, khgames, it emerged that the South Korean Ministry of Justice is planning to launch a cryptocurrency tracking system.

Read more: How long did it take ChatGPT to reach 1 million users?

Source: Bitcoin.comSouth Korea’s Ministry of Justice plans to crack down on money laundering

According to the details from the outlet, the new cryptocurrency tracking system is being introduced to combat money laundering issues and also to recover funds related to criminal activities.

The virtual currency tracking system will monitor transaction details, extract information and also keep an eye on the source of funds. The system is expected to go live in the first half of 2023. The South Korean ministry also plans to launch an independent tracking and analysis system by the second half of 2023.

Read more: Shiba Inu: the community estimates the launch date of Shibarium

Source: Forkast News

An agreement was established earlier in which the South Korean police collaborated with five major cryptocurrency exchanges to minimize illicit activities in cryptocurrency trading and also create a haven for traders. The news comes at a time when hackers and scammers are developing a slightly increased interest in cryptocurrencies.

[ad_2]