New System to Monitor Transactions
The South Korean Ministry of Justice has announced its plans to introduce a new system to track cryptocurrency transactions.The “Virtual Currency Tracking System” will be used to keep a record of transaction history, extract information about transactions, and verify the source of funds before and after remittance. The deployment of the system is scheduled for the first half of 2023.
Response to Evolving Crime: Building a Global Standard Criminal Justice System
In response to the sophistication of crime, the South Korean Ministry of Justice plans to improve its forensic infrastructure and build a criminal justice system that meets international standards. The ministry plans to develop an independent tracking and analysis system in the second half of 2023.
Cooperation with Crypto Exchanges: Ensuring Safe Trading Environment
The South Korean police have already established an agreement with five local crypto exchanges to cooperate in criminal investigations and create a safe trading environment for crypto investors.
Supreme Court Ruling on Bithumb: Service Provider to Pay for Technological Failures
The South Korean Supreme Court recently ruled that crypto exchange Bithumb must pay damages to investors for a 1.5-hour service outage that took place in November of 2017.
The damages ranged from $6 to $6,400 and were awarded to 132 affected investors. The court stated that the costs of technological failures should be borne by the service provider, not the users who pay commission for the service.
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“South Korea Steps Up Efforts to Combat Money Laundering and Criminal Activities. The South Korean Ministry of Justice is taking concrete steps to counter money laundering and recover funds linked to criminal activities. The implementation of the “Virtual Currency Tracking System” and the establishment of a criminal justice system that meets global standards are crucial steps towards achieving this goal.”