South Korea Seeks to Track and Freeze Cryptocurrency Used by North Korea

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Last Updated on September 5, 2023 by Bitfinsider

South Korea is to introduce legislation to track and freeze cryptocurrencies and other virtual assets used by North Korea, according to the Korea JoongAng Daily on Monday.

The measure, which aims to reduce funding for Pyongyang’s weapons programmes, is the outcome of 10 months of deliberations among various South Korean government departments, according to the local media outlet, citing multiple official sources with knowledge of the topic.

According to administration officials, President Yoon Suk Yeol directed that the law be revised to include “practical measures to bolster national security” before submission, and that the bill is expected to add to South Korea’s existing sanctions against North Korea.

According to one government official, South Korea’s cybersecurity framework “urgently needs repair,” and another administrator said the latest bill details measures to “track and neutralise virtual coins and other cryptocurrency assets stolen by the North through hacking.”

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