The South Korean Ministry of Justice will introduce a "virtual currency tracking system" in the first half of this year to strengthen the tracking of virtual currency money laundering

The South Korean Ministry of Justice passed the "2023 Government Business Report", which pointed out that it will introduce a "virtual currency tracking system" in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using virtual currencies. The Ministry of Justice plans to query and monitor transaction details through the "Virtual Currency Tracking System", extract relevant information between transactions, and check the source of funds before and after remittances. The Justice Department also added that by the second half of this year, a separate tracking and analysis system will be developed in addition to the "Virtual Currency Tracking System." In addition, the Cyber Investigation Bureau of the South Korean Police Agency announced that it will prevent the illegal use of virtual assets and create a safe trading environment through business agreements with the five major exchanges in South Korea. Currently, the National Police Agency’s Investigation Headquarters is strengthening its investigation capabilities related to virtual currency through a professional investigator system. The cryptocurrency expert is currently active in the field of crime and cyber investigation, investigating darknet and virtual asset use cases related to drug crimes, responsible for tracking and investigating virtual assets.