South Korea makes crypto crackdown a national justice priority
Roadmap to Mitigate Cryptocurrencies' RisksThe roadmap called for crypto companies to observe the same regulations that other financial services players follow, and to inform consumers of the risks of their products.
The document also noted"poor cyber security across the industry that enabled the Democratic People's Republic of Korea to steal over a billion dollars to fund its aggressive missile program." The administration has ordered its various agencies to increase enforcement and issue additional guidance to ensure compliance.Few details were offered about the Virtual Currency Tracking System beyond hopes it will start to operate in 2023. Nor was it explained if the System will link to another of the Ministry's priorities for 2023: improved forensic capabilities to detect and disrupt cyber crime.
Techies at the Ministry look set for a busy year. Other tasks on the to-do list include building a digital litigation system, plus new visa issuance systems. ®
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