Tuesday, March 21, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News Crypto crimes

This Government Announces System To Track All Crypto Transactions

news by news
January 29, 2023
in Crypto crimes, Crypto Money laundering, News, South Korea
0
This Government Announces System To Track All Crypto Transactions
0
SHARES
24
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Did Circle Get A $3 Billion Credit Line From Coinbase To Get USDC Back To $1?

Top Crypto Projects With Upcoming Upgrades You Should Be Aware Of In 2023

This Government Announces System To Track All Crypto Transactions

South Korea’s Ministry of Justice announces introducing a “virtual asset tracking system” in the first half of this year. South Korea aims to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. As per government data, 75% of illegal foreign exchange transactions in the country are crypto-related.

South Korea’s Ministry of Justice Introducing Crypto Tracking System

South Korea has become one of the leading crypto markets in recent years, with crypto-related crimes also rising higher. Crypto regulations and government oversight have increased in the country due to rising crypto crimes amid adoption, especially after the Terra-LUNA crisis.

The Ministry of Justice will introduce a “crypto tracking system” in the first half of this year to track transactions linked to money laundering and criminal proceeds.

The ministry will use the tracking system to check and monitor transaction records, extract details on the relationship between transactions, and confirm fund sources before and after transfers. In addition, a plan to develop their own crypto tracking and analysis system during the same period is also in progress.

“We will overhaul the scientific investigation infrastructure (infrastructure) in response to the modernization of crime.”

The Ministry of Justice also plans to establish the ‘National Digital Forensic Cloud System’ during the first half of this year. The cloud system will be modeled around the digital forensic system (D-Net) to enable other agencies to use the forensic cloud system.

Last year, the Cyber ​​Investigation Bureau of the National Police Agency signed an agreement with five major Korean crypto exchanges. It will prevent the illegal use of virtual assets and create a safe trading environment.

The U.S. Department of Justice also established the “Digital Asset Coordinator” Network to track crypto-related crimes. The “Digital Asset Coordinator” Network was created as part of the digital asset regulatory framework announced by the White House in September last year.

Also Read: Analyst Predicts Best Level To Buy Bitcoin

The post This Government Announces System To Track All Crypto Transactions appeared first on CoinGape.

Related Posts

Did Circle Get A $3 Billion Credit Line From Coinbase To Get USDC Back To $1?
24/7 Cryptocurrency News

Did Circle Get A $3 Billion Credit Line From Coinbase To Get USDC Back To $1?

March 20, 2023
Top Crypto Projects With Upcoming Upgrades You Should Be Aware Of In 2023
24/7 Cryptocurrency News

Top Crypto Projects With Upcoming Upgrades You Should Be Aware Of In 2023

March 20, 2023
Just-In: Polygon Launches zkEVM-powered Web3 Gaming Network; MATIC Price Surge Ahead?
24/7 Cryptocurrency News

Just-In: Polygon Launches zkEVM-powered Web3 Gaming Network; MATIC Price Surge Ahead?

March 20, 2023
Breaking: Ripple Files New Notice Supporting Fair Notice Defense Against SEC
Altcoin

Breaking: Ripple Files New Notice Supporting Fair Notice Defense Against SEC

March 20, 2023
Breaking: Elon Musk Considers FTX Among World’s Biggest Economic Failures
Altcoin News

Breaking: Elon Musk Considers FTX Among World’s Biggest Economic Failures

March 20, 2023
Solana Price: Major Underlying Trend To Trigger Rally?
Altcoin News

Solana Price: Major Underlying Trend To Trigger Rally?

March 20, 2023
Next Post
Breaking: Binance Burns Over 16 Million BNB Tokens, Price Jumps

Breaking: Binance Burns Over 16 Million BNB Tokens, Price Jumps

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

Binance Official Sounds The Alarm: Stricter U.S. Regulations Can Trigger Crypto Washout

February 21, 2023
Animoca Brands Targets $1 Billion Raise for Its New Web3 and Metaverse Fund

Animoca Brands Targets $1 Billion Raise for Its New Web3 and Metaverse Fund

January 5, 2023
Is Vitalik Buterin Supporting USDC Amid Heavy Depegging?

Is Vitalik Buterin Supporting USDC Amid Heavy Depegging?

March 11, 2023
Is Terra Founder Do Kwon Really Withdrawing LFG-Related Bitcoin In Serbia?

Is Terra Founder Do Kwon Really Withdrawing LFG-Related Bitcoin In Serbia?

December 23, 2022
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In