The South Korean Ministry of Justice has announced plans to adopt a cryptocurrency tracking system by the end of H1 2023 to tackle money laundering and recover criminal proceeds.

The MOJ intends to monitor crypto transactions, identify the sources of illegal funds, and eventually develop its own tracking and analysis system in the second half of 2023.

Last year, the Supreme Prosecutors’ Office confirmed its plan to purchase a cryptocurrency tracking system and the National Police Agency formed a partnership with five major crypto exchanges to collect data for crime investigations.

The global volume of illicit crypto transactions has reached a record high of $20 billion, according to blockchain analytics firm, Chainalysis.