The South Korean Ministry of Justice has placed the establishment of a Virtual Currency Tracking System high on its priority list for 2023. This system is aimed at combating money laundering activities facilitated by cryptocurrencies.
As part of its 2023 plans, the Ministry has outlined its focus on tackling violent crime, sexual offenses, and gang violence, followed by immigration reform.
BREAKING: South Korea to deploy cryptocurrency tracking system to counter money laundering in 2023
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Virtual Currency Tracking System to Curb Money Laundering
In third place on the priority list, the Ministry is focused on addressing illegal activities, such as combating organized crime, bringing back criminals who fled from justice, and enhancing the criminal justice system. This also includes implementing the Virtual Currency Tracking System to combat money laundering through cryptocurrencies.
South Korea has taken steps in the past to regulate crypto trading by requiring licensed facilities and cracking down on unlicensed operators. Last year, licensed facilities were asked to report on their transactions to aid in detecting money laundering activities.
Determination to Maintain Safety and Security
The tech department at the Ministry is set for a challenging year, as it will also be tasked with building a digital litigation system and a new visa issuance system. These developments demonstrate the government’s commitment to modernizing its systems and strengthening its defense against illegal activities.
Given that, South Korea’s move to establish the Virtual Currency Tracking System and improve its cybercrime detection capabilities highlights its determination to maintain its citizens’ and financial systems’ safety and security.