The South Korean Ministry of Justice (MOJ) has announced plans to adopt a cryptocurrency tracking system in the first half of 2023. The system will be used to monitor and analyze crypto transactions with the aim of uncovering sources of illegal funds.

In its 2023 task report, the MOJ stated that it will overhaul the forensic infrastructure to respond to the modernization of crime. The government has been discussing the adoption of a tracking system for illegal crypto transactions for several months.

The Ministry of Justice will develop its own crypto tracking and analysis system in the latter half of the year, while the Financial Supervisory Service (FSS) is also planning to develop crypto monitoring tools to regularly inspect risk associated with crypto assets. Last October, the National Police Agency formed an agreement with five major cryptocurrency exchanges in South Korea to collect data for crypto-related crime investigations.

In comparison, the US Department of Justice established a nationwide “Digital Asset Coordinator Network” of over 150 federal prosecutors in September 2022 to combat criminal use of digital asset technology.

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