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South Korea will track crypto transactions

Plans to create a crypto-tracking system were announced by the South Korean’s Ministry of Justice. To be launched in the first half of this year, this system’s goal is to fight against money laundering and recover funds linked to criminal activities.

The “Virtual Currency Tracking System” will be able to monitor transaction history, while checking the source of funds. South Korea will first use a third-party system, while it develops its proprietary endeavour. It should be launched in the second half of 2023. The government had signed in October an agreement with several exchanges in order to ensure cooperation in criminal investigations.

South Korea was hit with major cases last year, from the collapse of Terra, the hunt for its South Korean founder Do Kwon, who was believed to reside in Serbia and later the fall of the FTX empire. It is now trying to repair the damage and enable crypto investors to trade safely.

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