The Ministry of Justice in South Korea introduced plans to introduce a crypto-tracking system to counter cash laundering initiatives and recuperate funds linked to legal actions.
The “Digital Foreign money Monitoring System” can be used to observe transaction historical past, extract data associated to transactions and test the supply of funds earlier than and after remittance, according to native media outlet khgames.
The South Korean Ministry of Justice will introduce a “cryptocurrency monitoring system” within the first half of this yr to strengthen the monitoring of cash laundering and restoration of legal proceeds utilizing cryptocurrencies. https://t.co/2CLkaLUrX6
— Wu Blockchain (@WuBlockchain) January 29, 2023
Whereas the system is slated to be deployed within the first half of 2023, the South Korean ministry shared plans to develop an impartial monitoring and evaluation system within the second half of the yr. A tough translation of the ministry’s assertion reads:
“In response to the sophistication of crime, we’ll enhance the forensic infrastructure (infrastructure). We are going to construct a legal justice system that meets worldwide requirements (international requirements).”
The South Korean police beforehand established an settlement with 5 native crypto exchanges to cooperate in legal investigations and finally create a secure buying and selling setting for crypto buyers.
Associated: South Korean prosecutors request arrest warrant for Bithumb owner: Report
The South Korean Supreme Court docket dominated that crypto alternate Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.
The finalized ruling from the supreme court docket ordered damages starting from as little as $6 to round $6,400 be paid to the 132 buyers concerned.
“The burden or the price of technological failures ought to be shouldered by the service operator, not [the] service customers who pay fee for the service,” the court docket said.