The “Virtual Currency Tracker System” will be utilized to examine the origin of funds both before and after a remittance, monitor the transaction history, and extract information relevant to transactions.
It was revealed by the Ministry of Justice in South Korea that there are plans to implement a crypto-tracking system. It is to combat initiatives related to money laundering and recover funds that are tied to criminal activity.
The “Virtual Currency Tracking System” will be utilized to examine the origin of funds both before and after a remittance, monitor the transaction history, and extract information relevant to transactions.
The system is scheduled to be implemented in the first half of 2023. The South Korean government has revealed that it intends to create an independent tracking and analysis system in the second half of this year.
In the past, the authorities in South Korea agreed with five local cryptocurrency exchanges to work together on criminal investigations. Ultimately, to build a secure trading environment for cryptocurrency investors.
Because of a service interruption that lasted for approximately one and a half hours on November 12, 2017, the Supreme Court of South Korea found that the cryptocurrency exchange Bithumb is obligated to pay investors compensation.
Supreme Court’s decision, then confirmed, ordered that 132 investors who were implicated be compensated for damages ranging from as low as $6 to as much as $6,400.
According to the court’s ruling, “the responsibility or the cost of technological failures should be shouldered by the service operator rather than [the] service consumers who pay commission for the service.”
