A “virtual currency tracking system” is used to monitor transaction history, extract information about transactions, and verify the source of funds before and after remittances.
To combat money laundering schemes and recover cash related to criminal activity, South Korea’s Ministry of Justice has announced its intention to implement a cryptographic tracking system.
According to local media outlet khgames, a “virtual currency tracking system” will be used to track transaction history, extract data on transactions, and verify the source of funds before and after transfers.
The South Korean government has announced plans to build a standalone tracking and analysis system in the second half of this year, but the system is expected to be rolled out as early as the first half of 2023. Roughly translated, the ministry’s statement read: will be
With the goal of promoting a safe trading environment for cryptocurrency investors, South Korean police have already reached agreements with cryptocurrency exchanges in five regions.
South Korea’s Supreme Court ruled on November 12, 2017 that cryptocurrency exchange Bithumb must compensate investors for his 1.5-hour service interruption, and ordered Bithumb to do so.
The Supreme Court’s final decision required the 132 affected investors to receive damages ranging from as little as $6 to about $6,400.
The court ruled that the burden of technical failure or the financial burden should be borne by the service provider, rather than the customer who pays a commission for the service.