BlocksInform
South Korea’s Ministry of Justice plans to start tracking crypto transactions as it looks to crack down on money laundering, it said in a task report published Thursday.
The department will first use third-party software to track transaction history, retrieve transaction information and verify the source of funds. He plans to develop his own system, which is expected to be ready by the second half of the year.
South Korean police signed an agreement last October with domestic crypto exchanges Upbit, Bithumb, Coinone, Corbit, and Gopax, pledging cooperation in criminal investigations involving crypto. Bithumb is currently under investigation for tax evasion and price manipulation.
South Korean lawmakers are currently considering 17 separate proposals on regulating crypto, from which they plan to formulate the Digital Asset Basic Act.
CoinDesk contacted the Department of Justice to obtain their input.
