The events of 2022 had a significant impact on South Korea and its cryptocurrency users. A recent survey showed that a significant portion of the nation's wealthy population had lost trust in cryptocurrencies. However, with the beginning of 2023 and all major coins experiencing double-digit growth over the past 30 days, trust may have been restored.

According to a report from local media outlet khgames, South Korea's Ministry of Justice plans to launch a cryptocurrency tracking system.

Countering Money Laundering with the New System

The new system is aimed at addressing money laundering issues and recovering funds related to criminal activities. It will monitor transaction details, gather information, and keep track of the source of funds.

The system is expected to go live in the first half of 2023, and the ministry also plans to launch an independent tracking and analysis system by the second half of the year.