South Korean Prosecutors Seek Software to Track and Monitor Crypto Transactions – Regulation Bitcoin News

South Korean officials are said to want virtual currency tracking software in order to monitor crypto transactions. South Korean financial authorities believe that there may be a tax-evasion aspect to this case.

Monitoring in Real Time

The Seoul Central District Prosecutors Office that is currently investigating unsanctioned money transfers of $7.22 trillion (10 trillion won) is said to be looking for virtual currency software. These tracking software could allow the Prosecutors to keep track of virtual currency transactions at all times, they believe.

According to a Kmib Report, the software could allow them extract history from the crypto exchanges and wallets being investigated. They hope the software will allow them to find the destination and source of any laundered funds.

We plan to acquire tools for investigating cases that may involve cryptocurrency.

The plan by the Seoul Central District Prosecutors Office to acquire computer software to aid its investigations comes shortly after South Korea’s Financial Supervisory Service revealed that five major commercial banks were involved in the money laundering case.

In addition to the money laundering charges, the Kmib report says South Korean financial authorities also believe there is a tax evasion angle to the case, hence the roping in of the country’s tax body.

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Terence Zimwara

Terence Zimwara was a Zimbabwe author, journalist and writer who won the award. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.

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