South Korea Plans to Implement a Crypto Tracking System to Combat Money Laundering
The Ministry of Justice of South Korea has announced it is introducing a system for tracking crypto transactions to combat money laundering and return illegally obtained funds in the first half of the year.
The system, which will be known as “Virtual Currency Tracking System,” is used to monitor the history of transactions, related information and verify the source of funds before and after the transfer.
According to the agency:
“In response to the growing ingenuity of criminals, we will improve our toolbox. We will build a criminal justice system that meets international standards.”
The Financial Services Commission of South Korea announced in October last year that it would start tracking transactions of users whose assets exceed 100 million KRW.
