Home » South Korean Prosecutors Purchase Blockchain Analytics Instruments in Bid to Bust ‘Crypto Cash Laundering’

South Korean Prosecutors Purchase Blockchain Analytics Instruments in Bid to Bust ‘Crypto Cash Laundering’

by CoinVeem

A person in a suit writes on a document with the South Korean flag and a wooden gavel and block in the background.
Supply: sezerozger/Adobe

South Korea’s prosecution service will purchase new blockchain analytics software program – and needs to make use of it to catch individuals laundering crypto abroad.

Per the home media outlet Economist, the brand new instruments can be used to use the identical stage of scrutiny to abroad exchanges as is at the moment utilized to home exchanges.

The challenge is the brainchild of the Supreme Prosecutor’s Workplace.

The workplace has opened a bidding course of for the challenge.

It has named the challenge the “Superior Cyber Investigation System” (literal translation).

The bidding course of can be wrapped up this month, and the successful contractor can be given till November this yr to ship the brand new instruments.

A chart showing one-week transaction volumes on the South Korean market-leading crypto exchange Upbit.
One-week transaction volumes on the South Korean market-leading crypto alternate Upbit. (Supply: CoinGecko)

How Do South Korean Prosecutors Hope to Catch ‘Crypto Cash Launderers?’

Police and the judiciary have been given sweeping powers to look at crypto transaction information at home exchanges.

Buying and selling information has been utterly de-anonymized by a legislation that requires all residents utilizing crypto exchanges to hyperlink their wallets with actual name-verified financial institution accounts.

Police and the judiciary have additionally been given the ability to pressure exchanges to freeze wallets.

They’re additionally allowed to look exchanges as a part of their investigations.

However many criminals, the police suppose, try to evade investigators through the use of abroad crypto alternate platforms.

The Supreme Prosecutor’s Workplace hopes its new instruments will assist change this.

Legislation enforcers and judiciary employees have been utilizing a monitoring software that was first deployed in prosecutors’ workplaces nationwide in April 2021.

But it surely says this software can’t at the moment “determine digital foreign money addresses generated by overseas exchanges.”

The workplace claimed that the brand new software program will have the ability to plug this hole.

It additionally claimed the software would let it “monitor and delete illegally filmed movies” and “crack down on pornographic websites.”

And the workplace claimed that it could have the ability to monitor unlawful websites “even when they periodically change web site addresses to evade blocking efforts.”

A chart showing Bitcoin prices versus the South Korean won over the past month.
Bitcoin costs versus the South Korean gained over the previous month. (Supply: XE.com)

Legislation enforcement and judiciary spending on blockchain analytics instruments is on the rise in South Korea.

Late final yr, police and prosecutors introduced they might quadruple their spending on tools that help them monitor crypto transactions.

Along with anti-money laundering drives, police and prosecution officers are at the moment preventing what the President has called a “war” on crypto-powered drug trafficking.

Related Posts

Leave a Comment