Many unexpected things happened in 2022 that significantly affected South Korea and its users. A recent survey shows that many of the country’s wealthy economy no longer trust cryptocurrencies. Since 2023 is off to a good start, and all significant coins have gone up by more than 10% in the last 30 days, faith may have been restored.
The Ministry of Justice in South Korea is going to make a crypto tracking system, according to a recent report from khgames, a local news site.
South Korean Ministry of Justice plans to counter money laundering
According to the news source, the new crypto-tracking system is being implemented to stop money laundering and get back funds used for illegal activities.
The virtual currency tracing system will look at the details of transactions, pull out information, and keep an eye on where the money is coming from. The plan is to use the system in the first half of 2023. By the second half of 2023, South Korea’s Ministry of Foreign Affairs plans to launch an independent tracking and analysis system.
A deal was made in the past between the South Korean police and five of the biggest cryptocurrency exchanges to cut down on illegal cryptocurrency trading and give traders a safe place to do business. The news comes when hackers and con artists are starting to pay a bit more attention to cryptocurrencies.