The South Korean Ministry of Justice has announced plans to introduce a cryptocurrency tracking system to combat money laundering and recover funds linked to criminal activities.
According to local media khgames, the “virtual currency tracking system” will be used to monitor transaction history, extract transaction-related information, and check the source of funds before and after remittances. While the system is scheduled to be deployed in the first half of 2023, South Korea's Ministry of Defense shared plans to develop an independent tracking and analysis system in the second half of this year.
The South Korean police previously reached an agreement with five local cryptocurrency exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for cryptocurrency investors.
South Korea’s Supreme Court has ruled that cryptocurrency exchange Bithumb must compensate investors for a 1.5-hour service outage on November 12, 2017. The Supreme Court's final ruling ordered payments ranging from as little as $6 to about $6,400 to the 132 investors involved.
"The burden or cost of technical failures should be borne by the operator of the service, not the user of the service who pays a commission for the service," the court said.
