South Korea to launch Virtual Currency Tracking System

This year South Korea will implement the Virtual Currency Monitoring System, according to an announcement by the Ministry of Justice of the Asian country, which will have as its main objective to reduce crimes related to the crypto market, such as theft of funds and money laundering.

The regulation of transactions in Bitcoin and other cryptocurrencies will be implemented this year, according to the South Korean newspaper ‘khgames’, with monitoring of the origin of the money in each operation, seeking to reduce illegal activities.

The South Korean Ministry of Justice has indicated that the Virtual Currency Tracking System will be implemented as “a response to the sophistication of crime, we will improve the forensic infrastructure. We will build a criminal justice system that meets international standards.”

This system is expected to come into force in the first half of 2023, with the promise of a second control mechanism that would be launched in the second half, according to the Executive.

The creation of a secure trading environment for holders of Bitcoin and other cryptocurrencies in South Korea requires the cooperation of various security entities, such as crypto exchanges, the police and other investigative entities, among others.

M.Pino

Source: bolsamania

(Reference image source: Traxer, Unsplash)

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