South Korean Authorities to Implement a Cryptocurrency Tracking System

South Korean Authorities to Implement a Cryptocurrency Tracking System

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The ecosystem crash, crypto exchange downfall, and other similar events in 2022 have left many investors devastated, which is why the governments of many countries are looking to protect their citizens.

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South Korean to Implement Crypto Tracking System

Starting in 2023, South Korean officials are reportedly looking to implement a tracking system to track cryptocurrency transactions.

Local media khgames revealed the move in a recent report, according to the report, the South Korean Ministry of Justice is aiming at tackling money laundering in the country, and in doing this, it has resorted to using a cryptocurrency tracking system in the country.

The system after its implementation will help the concerned authorities in the country recover funds that are related to crimes, keep track of funds and gather information to monitor transactions across the country and as well keep track of the source of funds.

The new tracking system is expected to be functional in mid-2023, additionally, the ministry is also on the path to unveiling an independent tracking and analysis system within the same period.

This move by the South Korean ministry is likely to lure more investors into the crypto space as this is likely to minimize crimes related to crypto in the country.

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