South Korean authorities launch cryptocurrency tracking system

Law enforcement officers of the Republic of Korea are going to track cryptocurrency transactions and analyze data to combat crimes that use digital assets.

The South Korean Ministry of Justice has announced that it plans to launch a special digital currency tracking system to combat money laundering and other criminal activities.. The system should monitor the history of transactions and fix suspicious ones by checking the sender and recipient. And she will do this both before the operation and after.

The first iteration of the power system is planned to be launched in the first half of this year.. However, a full-fledged independent structure using in-depth analysis will be able to earn money only in the second half of the year.

“We intend to build a criminal justice system that would meet international standards. Criminals are constantly improving their tools, we also plan to improve our infrastructure to deal with them, ”the Ministry of Justice said.

The system will use cloud technologies so that all departments have access to information about crimes and criminals using crypto assets. In addition, the South Korean authorities have entered into agreements with local cryptocurrency exchanges and contracted them to help in investigations in order to prevent damage to users.

Previously, the South Korean Ministry of Science and Information Technology (MSIT) presented a strategy for the development of Web3 and the metaverse, and also developed ethical principles for companies operating in the industry.