Korean Government to Adopt Cryptocurrency Tracking System Within 5 Months – Regulation Bitcoin News
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The South Korean government has announced plans to adopt a cryptocurrency tracking system within the next five months. The system is intended to monitor the activities of cryptocurrency exchanges and investors in the country.
The announcement was made by the South Korean Ministry of Science, ICT and Future Planning. The ministry said that the system will be developed by the Korea Internet & Security Agency (KISA). The system will be used to monitor transactions and activities of cryptocurrency exchanges, investors, and users in South Korea.
The system will be able to track transactions and activities of all cryptocurrency exchanges, investors, and users in the country. It will also be able to detect suspicious transactions and activities, such as money laundering and terrorist financing.
The system will be used to ensure that all cryptocurrency transactions are conducted in accordance with the country’s laws and regulations. It will also be used to monitor the activities of investors and users to ensure that they are not engaging in illegal activities.
The system is expected to be implemented by the end of June 2018. Once the system is in place, the South Korean government will be able to better regulate the cryptocurrency industry in the country.
The announcement from the South Korean government is the latest in a series of measures taken by the government to regulate the cryptocurrency industry in the country. In January 2018, the government announced plans to introduce a new set of regulations for the cryptocurrency industry, including a ban on anonymous cryptocurrency trading and a requirement for cryptocurrency exchanges to share user information with banks.
The adoption of the cryptocurrency tracking system is a positive sign that the South Korean government is taking steps to regulate the cryptocurrency industry in the country. It is hoped that the system will help to ensure that cryptocurrency transactions are conducted in accordance with the law and that investors and users are not engaging in illegal activities.
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