Government office gets software to track cryptocurrency transactions
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Answer Government office gets software to track cryptocurrency transactions
With 75% of illegal transactions in South Korea linked to cryptocurrencies, the South Korean government wants to strengthen oversight of cryptocurrencies.
Recently, South Korea’s Supreme Prosecutor’s Office purchased software that allows tracking illegal cryptocurrency transactions.
The software will help the authorities to track illegal cryptocurrency transactions, foreign exchange related sources, fraud, money laundering, tax evasion, etc.
South Korean prosecutors seek to track illegal cryptocurrency transactions:
South Korea’s government agency’s attorney general’s office expects to monitor cryptocurrency transactions in real time, details of transactions and transfers between wallets and cryptocurrency exchanges, as well as the source of the illegal funds, according to a report. reported By local media.
Prosecutors intend to use new software tools to investigate crypto-related cases, including $7.22 billion in foreign exchange transactions, money laundering, and the Terra-LUNA crypto crisis.
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The Financial Supervision Department and the Financial Intelligence Unit revealed that banks, including the Big Five commercial banks, were involved in $7.22 billion in illegal foreign exchange transactions, mostly related to crypto.
Woori Bank and Shinhan Bank account for $3.4 billion in illegal crypto-related foreign exchange transactions.
The prosecutor’s office reportedly believed the transactions were to launder money and real estate abroad.
However, money transfers through cryptocurrency exchanges have made it difficult to track transfers.
Thus, prosecutors expect software to track and monitor them.
Prosecutors are currently working with other South Korean authorities to investigate executives of Terra, a money-laundering company for offshore accounts in Singapore through shell companies.
In addition, the founder of Terra is being chased by prosecutors and Interpol.
Top 5 Cryptocurrency Exchanges in South Korea Sign MoU with Police:
Major South Korean cryptocurrency exchanges Upbit, Bithumb, Korbit, Coinone and Gopax have signed a Memorandum of Understanding with the National Police Agency to help investigate crypto crimes.
Crypto companies will assist the police in obtaining evidence related to the crimes.
Also, cryptocurrency exchanges earlier planned to set up a commission to prevent crypto crime and improve investor protection.
Read:Tether reveals its holdings of commercial paper that backs the USDT stablecoin
The South Korean government is looking to punish the parties responsible for the Terra crash and illegal transactions before the Digital Asset Basic Law is passed.
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