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Virtual Currency Tracking System: South Korea’s Crypto Regulation

Published 29/01/2023, 08:29
Virtual Currency Tracking System: South Korea’s Crypto Regulation

  • The South Korean Ministry of Justice has decided to introduce a virtual currency tracking system.

  • The authority intends to strengthen the tracking of money laundering and the recovery of criminal proceeds using cryptocurrencies.

  • The tracking system would monitor the transaction details, including their sources, before and after the transactions.

South Korea’s Ministry of Justice announced on January 26, 2023, that the authority has decided to introduce a “Virtual Currency Tracking System,” adding to the series of crypto regulatory acts recently prevalent in the country.

The Chinese reporter Collin Wu, wrote on his Twitter account, Wu Blockchain, that the South Korean Ministry intended to “strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies.”

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