Report: South Korean Prosecutors Seek Software to Track and Monitor Crypto Transactions – Regulation
Summary
South Korean prosecutors investigating a $7.22 billion money laundering case are reportedly seeking to acquire virtual currency tracking software to be used in monitoring crypto transactions. South Korean financial authorities also believe there is a tax evasion angle to the case. Prosecutors believe such tracking software will enable them to monitor virtual currency transactions in real-time. As stated in a Kmib report, prosecutors are hoping that the software will allow them to extract the history between wallets under investigation and crypto exchanges. 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.