South Korea is planning something big to create a system against bad actors in the crypto sector.
South Korea is a friendly region for the crypto sector innovations. Under the jurisdiction of this country, crypto laws are very tight & it is not easy for any crypto firm to conduct or allow customers to conduct illegal activities. Nearly half a dozen crypto firms provide crypto-fiat paired trading services, because of the strict laws.
On 30 May 2023, E-daily reported that the South Korean police agency is developing a system to combat illegal crypto transactions.
Under the newly established system, the national police agency will be able to red flag any suspicious crypto addresses & further all the centralised crypto exchanges (Korean as well as international like Binance) will freeze the crypto transactions & funds associated with the corresponding accounts.
In short, South Korean police will work collaboratively with all possible centralised crypto exchanges to fight against bad actors.
In the present time, South Korean laws are strictly regulating this innovative sector but the country’s lawmakers are not satisfied with it & they are working continuously to bring updated in-laws & rules and also they are not allowing any crypto-friendly lawmakers to develop new policies for the crypto sector.
These types of activities by South Korea is showing that the country’s government is happy with the crypto & blockchain adoption but they are not in the mood to give any chances for the illegal crypto activities.
Notably, the Terra crypto project’s core team was from this country. So far the country’s enforcement agencies are waiting for the Terra co-founder Do Kwon’s extradition to the country to take action.
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