In an extraordinary move aimed at combatting the funding of illicit weapons programs by North Korea, the South Korean government is reportedly preparing to submit a bill that will enable the tracking and freezing of crypto and virtual assets associated with these activities. This groundbreaking legislation underscores South Korea's commitment to strengthening its cybersecurity framework while effectively neutralizing threats posed by North Korea.
The development was revealed in an exclusive report by leading local media outlet, Korea JoongAng Daily. Citing multiple anonymous government sources, it disclosed on August 3rd that work is underway on this proposed bill as part of broader efforts to enhance national security.
According to one undisclosed government official who spoke on condition of anonymity, this bill reflects President Moon Jae-in's belief that the country's cybersecurity framework requires urgent repair. President Moon recognizes the pressing need for robust action in fortifying South Korea's defenses against cyber threats originating from various sources.
Interestingly, an additional unnamed source within the administration divulged that the latest version of this bill includes provisions for "tracking and neutralizing" crypto and other virtual assets stolen by North Korea through hacks and exploits. Notably, such measures were absent from the initial proposal put forth by the National Intelligence Service (NIS) back in November 2022. The inclusion of these provisions highlights South Korea's proactive approach towards countering these nefarious activities more effectively.
Moreover, alongside drafting this pivotal cybersecurity legislation, reports indicate that plans are underway to establish a dedicated national cybersecurity committee under direct presidential control. Tasked with implementing stringent defense mechanisms against hacking attempts orchestrated by foreign entities, this committee will be led by none other than the chief of National Security Office while closely collaborating with NIS directorate.
These extraordinary steps taken demonstrate South Korea's unwavering commitment to safeguarding its citizens from potential cyber threats arising from North Korean hackers seeking financial resources for their weapons programs. By diligently tracking and freezing crypto assets, South Korea aims to disrupt the funding channels that enable North Korea's illicit activities.
It is important to note that these developments align with a larger global trend where nations recognize the significant role played by cryptocurrencies in facilitating illegal activities. Through decisive action, South Korea sets a commendable example for other countries grappling with similar challenges.
The development was revealed in an exclusive report by leading local media outlet, Korea JoongAng Daily. Citing multiple anonymous government sources, it disclosed on August 3rd that work is underway on this proposed bill as part of broader efforts to enhance national security.
According to one undisclosed government official who spoke on condition of anonymity, this bill reflects President Moon Jae-in's belief that the country's cybersecurity framework requires urgent repair. President Moon recognizes the pressing need for robust action in fortifying South Korea's defenses against cyber threats originating from various sources.
Interestingly, an additional unnamed source within the administration divulged that the latest version of this bill includes provisions for "tracking and neutralizing" crypto and other virtual assets stolen by North Korea through hacks and exploits. Notably, such measures were absent from the initial proposal put forth by the National Intelligence Service (NIS) back in November 2022. The inclusion of these provisions highlights South Korea's proactive approach towards countering these nefarious activities more effectively.
Moreover, alongside drafting this pivotal cybersecurity legislation, reports indicate that plans are underway to establish a dedicated national cybersecurity committee under direct presidential control. Tasked with implementing stringent defense mechanisms against hacking attempts orchestrated by foreign entities, this committee will be led by none other than the chief of National Security Office while closely collaborating with NIS directorate.
These extraordinary steps taken demonstrate South Korea's unwavering commitment to safeguarding its citizens from potential cyber threats arising from North Korean hackers seeking financial resources for their weapons programs. By diligently tracking and freezing crypto assets, South Korea aims to disrupt the funding channels that enable North Korea's illicit activities.
It is important to note that these developments align with a larger global trend where nations recognize the significant role played by cryptocurrencies in facilitating illegal activities. Through decisive action, South Korea sets a commendable example for other countries grappling with similar challenges.
