South Korea’s Ministry of Justice has introduced a new system to track cryptocurrencies that it says will help to prevent money laundering and recover funds linked to criminal activities.
The “Virtual Currency Tracking System” will be used to monitor cryptocurrency transaction histories, extract information related to crypto transactions, and check the source of funds before and after remittance, said South Korea’s government.
South Korea’s police have already established an agreement with five local cryptocurrency exchanges to cooperate in criminal investigations and create a safe trading environment for investors.
The South Korean Supreme Court has recently made several rulings against crypto exchanges that operate in the Asian nation as regulators and the legal system crackdown on digital assets and the companies involved with them.
The price of Bitcoin (BTC), the largest cryptocurrency, is currently trading at just over $23,000 U.S., up about 40% so far in 2023.
