Virtual Currency Tracking Scheme: South Korea Crypto Regulation
- The South Korean Justice Department has decided to implement a digital currency monitoring program.
- The authority plans to increase the control of money laundering and to retrieve criminal funds through cryptocurrency.
- The tracking system would keep an eye on both the source and details of transactions prior and after they take place.
The South Korean Justice Department announced on January 26. 2023, that the agency will establish a “Virtual Currency Tracking System,” adding to the series of crypto regulatory measures that have been recently put in place in the country.
Chinese crypto journalist Colin Wu wrote on his Twitter account, Wu Blockchain, that the South Korean Justice Department was aiming to “strengthen the surveillance of money laundering and the recovery of criminal proceeds using cryptocurrency.”
The South Korean Justice Department will implement a “cryptocurrency tracking system” in the first half of the year, to improve the surveillance of money laundering and the recovery of criminal proceeds using cryptocurrency. https://t.co/2CLkaLUrX6
— Wu Blockchain (@WuBlockch…
The first sighting of the Virtual Currency Tracking Scheme: South Korea’s Crypto Regulation appeared on Coin Edition.
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