To prevent money laundering schemes and reclaim cash associated with criminal activity, the South Korean Ministry of Justice revealed intentions to implement a crypto-tracking system.
The “Virtual Currency Tracking System” will be used to keep track of transaction history, extract data about transactions, and verify the origin of funds both before and after remittance.The South Korean government announced plans to construct a standalone tracking and analysis system in the second half of the year, even though the system is scheduled to be deployed in the first half of 2023.
The Financial Services Commission (FSC), South Korea’s leading financial regulatory agency, has made it essential for exchanges to register with the FSC’s anti-money laundering enforcement division, the Korea Financial Intelligence Unit (KFIU). The five largest cryptocurrency exchanges in South Korea inked a memorandum of understanding (MOU) with the country’s police force last year to cooperate with cops battling cryptocurrency-powered money launderers and scammers.
With the goal of fostering a secure trading environment for cryptocurrency investors, the South Korean police already reached an agreement with five regional crypto exchanges.
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