The Ministry of Justice in South Korea is about to become a real-life crypto detective, with plans to adopt a new cryptocurrency tracking system in the first half of 2023. This high-tech tool will help the MOJ keep an eye on crypto transactions and catch those sneaky illegal funds.
Innovative Tracking & Analysis Systems in Place!
After months of talking about it, the Korean government is finally putting its money where its mouth is and getting serious about tracking down crypto crimes. The Justice Ministry even has plans to develop its own tracking and analysis system in the second half of the year!
And they’re not alone in their crypto crime-fighting efforts. The Financial Supervisory Service’s governor, Lee Bok-hyun, has also announced plans to create crypto monitoring tools to keep an eye on risks. The National Police Agency is even teaming up with major crypto exchanges to collect data for investigations.
DOJ’s Digital Asset Coordinator Network Takes Aim
South Korea is following in the footsteps of the US, where the Department of Justice has set up a nationwide “Digital Asset Coordinator Network” with over 150 federal prosecutors. This network is on a mission to combat criminal uses of digital assets.
Last October, the National Police Agency in South Korea joined forces with the country’s five biggest crypto players to collect some important data for their crypto-crime investigations. These exchanges are helping the police crack down on white-collar crimes committed with cryptocurrencies.
With global crypto illicit transactions hitting an all-time high of $20.1 billion, it’s no surprise that governments are stepping up their game. But don’t worry, South Korea’s MOJ is on the case and ready to catch those crypto crooks.