South Korea’s Ministry of Justice is taking steps to combat blockchain crimes by unveiling a cryptocurrency transaction monitoring system. The system, which is scheduled to be implemented within a few months, will be able to monitor all transaction-related parameters such as source of funds.

Sophisticated Crypto Monitoring

After the crisis of Terra Ecosystem and its stablecoin UST, South Korea has tightened its controls and laws on cryptocurrencies. Continuing this momentum, South Korea’s Ministry of Justice has taken drastic measures “Stemming Blockchain-Related Crimes” By unveiling a cryptocurrency tracking tool.

With a launch planned in a few months, This system will enable the department to monitor transaction detailsExtract relevant information between transactions and verify the source of funds before and after the transfer.

A Justice Department spokeswoman said the use of such a tool is necessary “Given the increasing sophistication of methods used by cybercriminals” :

“In response to the sophistication of crime, we will improve the forensic infrastructure. We will build a criminal justice system that meets international standards. »

Last October, the South Korean police made a deal with 5 local cryptocurrency exchanges namely Upbit, Bithumb, Coinone, Corbit and Gopax.

They have pledged to assist in criminal investigations involving cryptocurrencies. In addition, the country’s police department has hired several blockchain security experts to help strengthen its investigations.

A parallel to this device can easily be drawn with the European Union.

The Transfer of Funds Regulation (TFR), which will come into force from mid-2024, Companies offering cryptocurrency-related services will be required to share more information about their customers When transferring cryptocurrency.

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estuary: Ministry of Justice of South Korea

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