South Korea’s Ministry of Justice announced its plans to introduce a cryptocurrency-tracking system in the first half of 2023 which aims at combating money laundering initiatives, and recover funds linked to criminal and illicit activities. The “Virtual Currency Tracking System” will monitor transaction history & details, as well as the source of funds before and after remittance.

In the second half of the year, the Asian nation intends to build an independent tracking & analysis system, with the objective being “improving the forensic infrastructure and building a criminal justice system which meets international standards, in response to the sophistication of crime.”

Such initiatives aim at transforming and digitalizing the country’s payment infrastructure, but also to limit criminal and illegal activities which use cryptocurrencies as a means of payment, thus providing security for residents and transparency for authorities.

Sources:

https://twitter.com/WuBlockchain

https://cointelegraph.com/news/south-korea-to-deploy-cryptocurrency-tracking-system-in-2023

https://www.financialexpress.com/blockchain/south-korea-to-install-crypto-tracking-system-in-2023/2963733/