{"id":18812,"date":"2023-01-29T00:29:53","date_gmt":"2023-01-29T08:29:53","guid":{"rendered":"https:\/\/coinnetworknews.com\/south-korea-to-deploy-cryptocurrency-tracking-system-in-2023\/"},"modified":"2023-01-29T00:29:53","modified_gmt":"2023-01-29T08:29:53","slug":"south-korea-to-deploy-cryptocurrency-tracking-system-in-2023","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/south-korea-to-deploy-cryptocurrency-tracking-system-in-2023\/","title":{"rendered":"South Korea to deploy cryptocurrency tracking system in 2023"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvYmNiMTkxMWQtMDYwMC00MDgzLWEyYzctNDUyNjk0YjM4OGIyLmpwZw==.jpg\" \/><\/p>\n<div data-v-5a4050f8=\"\">\n<p>The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.<\/p>\n<p>The \u201cVirtual Currency Tracking System\u201d will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, <a href=\"https:\/\/www.khgames.co.kr\/news\/articleView.html?idxno=208502\" target=\"_blank\" rel=\"noopener nofollow\">according<\/a> to local media outlet khgames.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The South Korean Ministry of Justice will introduce a &#8220;cryptocurrency tracking system&#8221; in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. <a href=\"https:\/\/t.co\/2CLkaLUrX6\">https:\/\/t.co\/2CLkaLUrX6<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1619569614979207169?ref_src=twsrc%5Etfw\">January 29, 2023<\/a><\/p><\/blockquote>\n<p>While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry\u2019s statement reads:<\/p>\n<blockquote><p>\u201cIn response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).\u201d<\/p><\/blockquote>\n<p>The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.<\/p>\n<p><strong><em>Related: <a href=\"https:\/\/cointelegraph.com\/news\/south-korean-prosecutors-request-arrest-warrant-for-bithumb-owner-report\">South Korean prosecutors request arrest warrant for Bithumb owner: Report<\/a><\/em><\/strong><\/p>\n<p>The South Korean Supreme Court ruled that crypto exchange <a href=\"https:\/\/cointelegraph.com\/news\/bithumb-ordered-to-pay-damages-to-investors-by-south-korean-supreme-court\">Bithumb must pay damages to investors<\/a> over a 1.5-hour service outage on Nov. 12, 2017.<\/p>\n<p>The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.<\/p>\n<p>\u201cThe burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,\u201d the court stated.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/south-korea-to-deploy-cryptocurrency-tracking-system-in-2023\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities. The \u201cVirtual Currency Tracking System\u201d will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[540,1002,1001,462,405,1003],"_links":{"self":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts\/18812"}],"collection":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/comments?post=18812"}],"version-history":[{"count":0,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts\/18812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/media\/18813"}],"wp:attachment":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/media?parent=18812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/categories?post=18812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/tags?post=18812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}