Security News > 2023 > January > South Korea makes crypto crackdown a national justice priority

South Korea's Ministry of Justice will create a "Virtual Currency Tracking System" to crack down on money laundering facilitated by cryptocurrencies, and rated the establishment of the facility among its priorities for the year.

In third place were a raft of measures aimed at addressing various unlawful actions such as tackling organized crime, repatriating accused criminals who abscond before facing local courts, improvements to criminal justice systems - and the aforementioned crypto-tracker.

South Korea has previously moved to ensure that crypto trading facilities available on its shores acquire licenses, and then cracked down on operators that didn't observe its regulatory requirements.

South Korea is of course next door to North Korea, which is known to use cryptocurrency to fund its weapons programs.

US bemoans crypto insecurity The Biden Administration last week revealed a Roadmap to Mitigate Cryptocurrencies' Risks in recognition of the sector's volatility having harmed investors.

Few details were offered about the Virtual Currency Tracking System beyond hopes it will start to operate in 2023.

News URL

https://go.theregister.com/feed/www.theregister.com/2023/01/31/south_korea_crypto_money_laundering/