To combat money laundering schemes and reclaim cash associated with criminal activity, the South Korean Ministry of Justice revealed plans to implement a crypto-tracking system, Korean media outlet khgames reported on January 27.

According to insights, the Ministry of Justice intends to run a "national digital forensic cloud system" to rearrange the forensic investigation infrastructure. The Ministry of Justice declared that it would create a cloud platform based on the prosecution's digital forensic system (D-Net) so that other agencies may use forensic expertise and scientific inquiry. Furthermore, the "Virtual Currency Tracking System" would be used to keep track of transaction history, extract data about transactions, and verify the source of funds before and after the remittance.

To foster a secure trading environment for cryptocurrency investors, the South Korean police have already reached an agreement with five regional crypto exchanges.

The ministry of South Korea plans to launch an independent tracking and analysis system by the second half of 2023.

Source (KOR): KHGAMES