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South Korea to Start Tracking Crypto Transactions in Bid to Crack Down on Money Laundering
The country will start off using a third-party system while it develops its own software.
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 ministry will initially use third-party software to monitor transaction history, extract information on transactions and check the source of funds. It plans to develop its own system, which should be ready in the second half of the year.
South Korean police signed an agreement in 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.