The South Korean Ministry of Justice disclosed intentions to create a crypto tracking system to combat the flow of dirty money and other related financial transactions and to reclaim cash associated with criminal conduct. Recently, the country’s Financial Supervisory Services Governor Lee Bok-hyun stated the government’s plan to establish a digital currency monitoring tool to secure data and counteract market dangers. Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
It is believed that 2 million South Koreans, or approximately 4% of the population, presently possess cryptocurrencies . According to government data, bitcoin and other related currencies are involved in one-third of unlawful foreign exchange transactions in the country. Image: Sungjin Kim/Getty Images South Korea As Crypto Powerhouse In the 12 years following the creation of Bitcoin, Asia has emerged as a digital currency and blockchain dynamo, with South Korea serving as its pivot.
The country’s main telecom provider, SK Telecom, is introducing a web3 wallet, while the country’s largest financial technology company, Dunamu, aims to roll out $380 million over the next five years to generate 10,000 new web3 employment opportunities. BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild. io.
Play Now! The South Korean Ministry of Justice will introduce a “cryptocurrency tracking system” in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t. co/2CLkaLUrX6 — Wu Blockchain (@WuBlockchain) January 29, 2023 Following the Terra-LUNA crisis, the government has expanded its control and laws around cryptocurrencies as the number of people using them rises.
Related Reading: Blockchain For Traceability: Thailand’s Biggest Food Exporter Uses Tech To Monitor Goods Khgames, a local media site, said that the virtual currency monitoring system will be used to monitor transaction history, extract data about transactions, and verify the source of cash before and during the transmission. Roughly translated, the ministry’s statement reads as follows: “In response to the sophistication of crime, we will improve the forensic infrastructure. We will build a criminal justice system that meets international standards.
” Following the successful launch of the proposed tracking system , the Ministry of Justice declared that it would put in place a second tracking and analysis system by the second half of 2023. The deployment of the first system is scheduled for the first half of this year. Next Project: National Digital Forensic Cloud System Up to 30% of global cryptocurrency trading is fuelled by the Korean market.
As the government has not yet designated crypto assets as legal cash, it is now permissible to hold, sell, and purchase cryptocurrencies in the country. Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView. com Leading entities such as Solana are conscious of the country’s attributes not only as customers but also as developers inside its crypto business.
The Solana Foundation and Solana Ventures have recently committed $100 million to invest in web3 startups in South Korea. Related Reading: Bitcoin Price Nears $24,000 Mark – Can Bulls Push BTC To $25K This February? During the first half of this year, the Ministry of Justice also wants to build the “National Digital Forensic Cloud System. ” The forensic cloud system will be designed after the digital forensic system (D-Net) so that other agencies can utilize it.
Previously, the South Korean authorities forged an agreement with five local exchanges to collaborate in criminal investigations, with the ultimate goal of establishing a secure trading environment for crypto investors. Featured image from UK Research and Innovation Share Tweet Share Share Sign Up for Our Newsletter! For updates and exclusive offers enter your email. Sign Up I consent to my submitted data being collected and stored.
Leave this field empty if you're human: Christian Encila Freelance writing is Christian's other cup of tea. When not on his computer, he unwinds with a cold bottle of beer and laughs with his son over cartoons. Other than that, he's just like everybody else who wants to be happy with their life.
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