Crypto Coins Info

South Korea will deploy a cryptocurrency tracking system in 2023

Asian country
The South Korean Ministry of Justice has announced plans to implement a cryptocurrency tracking system to combat money laundering and block funds related to criminal activities.

The "Virtual Currency Tracking System" will be used to capture transaction history, retrieve information related to transactions, and verify the source of funds before and after the transfer.

Previously, the South Korean police entered into an agreement with five local crypto exchanges to cooperate in criminal investigations and to create a safe trading environment for crypto investors.

South Korea's Supreme Court has ruled that Bithumb must reimburse investors for a 1.5-hour outage on November 12, 2017.

According to the court decision, the trading platform is obliged to pay compensation to 132 investors ranging from $6 to $6,400.

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