South Korea’s Ministry of Justice plans to start tracking crypto transactions as it looks to crack down on money laundering, it said in a task report published Thursday.
The ministry will initially use third-party software to monitor transaction history, extract information on transactions and check the source of funds. It plans to develop its own system, which should be ready in the second half of the year.
South Korean lawmakers are currently considering 17 separate proposals on regulating crypto, from which they plan to formulate the Digital Asset Basic Act.
CoinDesk reached out to the MOJ for comment.
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