Over the years, South Korea has shown quite a bit of skepticism regarding cryptocurrencies and transactions with them. For example, a few years ago, South Korea had plans ban cryptocurrency transactions altogether. Meanwhile, a report published last week said that South Korea’s Ministry of Justice plans to start tracking cryptocurrency transactions in hopes of reducing money laundering activity.
It is stated that the ministry will initially use third-party software for this purpose to monitor transaction history, obtain information about them and verify the source of funds. At the same time, South Korea plans to develop its own cryptocurrency transaction monitoring system, which is expected to be launched in the second half of this year.
It should be noted that the South Korean police signed an agreement with local cryptocurrency exchanges Upbit, Bithumb, Coinone, Corbit and Gopax last October to cooperate in investigations related to cryptocurrency transactions. Of these exchanges, Bithumb is currently under investigation for tax evasion and price manipulation.
