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South Korea will deploy a cryptocurrency tracking system in 2023

Published on

January 29, 2023
Read Time:1 Minute, 28 Second

The Ministry of Justice in South Korea introduced plans to introduce a crypto monitoring system to fight cash laundering initiatives and get well funds associated to felony actions.

The "Digital Foreign money Monitoring System" is used to watch transaction historical past, extract details about transactions and confirm the supply of funds earlier than and after the switch. according to to the native media outlet khgames.

South Korea's Justice Ministry will launch a "cryptocurrency monitoring system" within the first half of this 12 months to strengthen monitoring of cash laundering and confiscation of proceeds of crime utilizing cryptocurrencies. https://t.co/2CLkaLUrX6

— Wu Blockchain (@WuBlockchain) January 29, 2023

Whereas the system is anticipated to be deployed within the first half of 2023, the South Korean ministry shared plans to develop an unbiased monitoring and evaluation system within the second half of the 12 months. A tough translation of the Ministry's assertion reads:

“In response to the sophistication of crime, we'll enhance forensic infrastructure (infrastructure). We'll construct a felony justice system that conforms to worldwide requirements (international requirements).”

South Korean police beforehand reached an settlement with 5 native crypto exchanges to cooperate in felony investigations - in the end making a secure buying and selling setting for crypto buyers.

Associated: South Korean prosecutors search arrest warrant for Bithumb house owners: report

South Korea's Supreme Courtroom dominated that crypto trade Bithumb should pay buyers damages for a 1.5-hour service outage on November 12, 2017.

The Supreme Courtroom's ultimate ruling ordered the 132 buyers concerned to be paid as little as $6 to about $6,400 in damages.

“The burden or value of technological failures shouldn't be borne by the service operator [the] Service customers who pay a fee for the service,” the court docket famous.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 29, 2023
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