South Korean authorities will launch a service to control cryptocurrencies

In the first half of 2023, the South Korean Ministry of Justice will release a service to control digital currency transactions. Its appearance will become one of the points of the program of the country’s authorities to increase the transparency of the blockchain industry.

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The functions of monitoring the situation in the cryptosphere and regulating the industry will be taken over by the Financial Services Commission and the Financial Supervision Service.

The Ministry of Justice announced its intention to develop a service that will effectively monitor the movement of capital in cryptocurrencies on the domestic market, as well as identify and stop suspicious activity of investors.

Increasing the transparency of transactions with virtual assets will make it possible to successfully combat the legalization of criminal proceeds, the developers are sure.

The launch of the service is scheduled for the first half of 2023, but the Ministry of Justice reserves the right to complete its creation by the end of the year.

The system for analyzing cryptocurrency transactions will start working as usual just in the second half of 2023.

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