South Korea’s Ministry of Justice is taking an initiative to combat blockchain crimes by unveiling a cryptocurrency transaction monitoring system. Scheduled to come into force within a few months, this system will be able to monitor all the parameters related to a transaction such as the source of funds.
Enhanced crypto surveillance
Following the crisis of the Terra ecosystem and its stablecoin UST, South Korea has tightened its control and laws on cryptocurrencies. Continuing this momentum, the South Korean Ministry of Justice is taking a drastic step to “Stemming Blockchain-Related Crimes” by unveiling a cryptocurrency tracking device.
With a launch planned in a few months, this system will give the department the ability to monitor transaction detailsextract relevant information between transactions and verify the source of funds before and after transfers.
A Department of Justice spokesperson said the use of such a tool was necessary “in view of the increasing complexity of the 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 had reached an agreement with 5 local cryptocurrency exchanges, namely Upbit, Bithumb, Coinone, Corbit and Gopax.
These have pledged to cooperate in criminal investigations involving cryptocurrencies. Additionally, the country’s police department has recruited many blockchain security experts to help bolster its investigations.
A parallel of this device can easily be made with what awaits the European Union.
The Transfer of Funds Regulation (TFR), which will come into force by mid-2024, will require companies providing cryptocurrency-related services to share a lot of information about their customers when making cryptocurrency transfers.
👉 Find out more about the TFR regulations
Kick your investments into high gear
Source: South Korean Ministry of Justice
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Clement Wardzala
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