South Korea to Establish a Cryptocurrency Monitoring Unit

South Korea’s Ministry of Justice has announced that it plans to introduce a crypto tracking system to counter money laundering attempts and recover funds linked to criminal activities. According to local sources, thanks to the system in question, it will be possible to monitor the country’s transaction history, extract information about transactions and access information before and after the transfer.

The system is planned to be commissioned in the first half of 2023. On the other hand, the Ministry of South Korea made public its plans to develop an independent monitoring and analysis system in the second half of the year. The statement from the ministry is as follows:

“In response to the complexity of crime, we will improve the judicial infrastructure. We will establish a criminal justice system that meets international standards.”

South Korean police previously made deals with five local cryptocurrency exchanges to cooperate in criminal investigations and provide a safer environment for users.