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South Korea Takes Steps To Track Crypto Transactions, Combat Money Laundering

Published 30/01/2023, 19:06
© Reuters.  South Korea Takes Steps To Track Crypto Transactions, Combat Money Laundering
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Benzinga - The South Korean Ministry of Justice has outlined a plan to fight money laundering via cryptocurrency in a task report released Thursday.

What Happened: The ministry intends to start tracking crypto transactions using third-party software initially to examine transaction history, gather information on transactions and verify the origin of funds.

In the latter half of the year, the ministry intends to develop its own monitoring system.

Also Read: Bitcoin's On-Chain NFTs Spark Controversy, Censorship Calls Among Developers

An agreement was made in October between South Korean police and domestic crypto exchanges such as Upbit, Bithumb, Coinone, Corbit and Gopax to collaborate in criminal investigations related to crypto.

Currently, Bithumb is under investigation for tax evasion and market manipulation.

Why It Matters: Lawmakers in South Korea are evaluating 17 different proposals for regulating cryptocurrency, from which they aim to draft the Digital Asset Basic Act.

Read Next: Bitcoin On Track For Best January Since 2013 — Ethereum May Soon Catch Up

Photo: Dragon Claws via Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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