South Korea to roll out cryptocurrency-tracking system in 2023

The South Korean Ministry of Justice announced plans to roll out a cryptocurrency-tracking system in the first half of 2023 to tackle money laundering and recover proceeds obtained illegally.

The South Korean Ministry of Justice will introduce a “cryptocurrency tracking system” in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t.co/2CLkaLUrX6

— Wu Blockchain (@WuBlockchain) January 29, 2023

The ‘virtual currency tracking system’ will be used to monitor the transaction histories, associated information, and to verify the source of funds before and after transfers.

In response to the growing ingenuity of criminals, we will improve the tools we use. We will build a criminal-justice system that meets international standards, the ministry said.

As part of the fight against money laundering it will begin tracking the transactions of users whose assets exceed 100 million KRW (~$70,000).

One month earlier, authorities of the country arrested 16 people suspected of facilitating illicit foreign-exchange operations in the kimchi premium arbitrage.

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