• 28 May, 2024
News

S. Korea Ministry of Justice Plans a “Cryptocurrency Tracking System” in Q1 2023

The South Korea (S. Korea) Ministry of Justice (MoJ) announced on January 26 that it plans to deploy a “cryptocurrency tracking system (CTS)” in Q1 2023. The cryptocurrency tracking system would strengthen the tracking of money laundering activities, whilst easing the recovery of criminal monies via cryptocurrencies.

Chinese reporter, Colin Wu (@WuBlockchain), tweeted:

The government of S. Korea has specifically selected the “2023 Year Government Business Report” release period to launch the CTS. The Ministry of Justice intends to <blockquote>”track the use of virtualized waste and strengthen the exchange of criminal benefits.”</blockquote>

Through the CTS, the MoJ would monitor the transaction history and the source of funds prior to and following the transfer. It would also track the exchange of allied information across transactions. Apart from the cryptocurrency tracking system, the South Korea Ministry of Justice has also announced to launch in Q2 2023 an “independent tracking analysis system.”

The MoJ states that in response to crime advancement, it aims to establish a criminal justice system of the “global and international standard.” To maintain the scientific structure, the MoJ plans to operate a “national digital forensic cloud system (NDFSC)” in Q1 2023. A cloud-system modeled on the prosecution digital forensic system (D-Net) is in the works to enable other institutions to benefit from the scientific forensic know-how.

In October 2022, the South Korean National Police Agency (NPA) reportedly signed a domestic 5-member WON Virtualization Exchange agreement to enable the investigations of virtual assets and prevent its damage.

The NPA’s cyber investigation agency has clarified its intention to prevent illegal use of virtual assets. It wants to develop a safe trading environment via business agreements with the domestic 5-volume exchange.

Preventing illegal use of virtual assets and creating a safe trading environment is on their agenda. The criminal sector manpower is monitoring the Dark Web Virtual Utility Yongsaun for drug crimes. The South Korean cyber investigation specialist agency is supervising virtual assets’ tracking.

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