Key Takeaways:
- The South Korean Financial Supervisory Service (FSS) has implemented a continuous monitoring system for suspicious cryptocurrency transactions on exchanges, starting July 19.
- This system, developed with major digital asset exchanges, aims to detect and report abnormal transactions, including market manipulation and illegal trading, covering 99.9% of the country’s trading volume.
- The Virtual Asset User Protection Act, effective in 2023, requires 29 registered crypto exchanges to comply with stricter regulations and token listing guidelines.
The South Korean Financial Supervisory Service (FSS) has launched a “continuous monitoring system” for suspicious cryptocurrency transactions on exchanges, effective July 19, coinciding with the Virtual Asset User Protection Act.
This 2023 legislation aims to regulate unfair trading and safeguard investors.
South Korean government unveils real-time monitoring for crypto fraud. pic.twitter.com/JQE9HrwIOn
— Jesse Trading (@TradeWithJesse) July 4, 2024
The FSS, in collaboration with major digital asset exchanges, developed the system to monitor and report abnormal transactions, including market manipulation and illegal trading.
It will cover approximately 99.9% of the country’s trading volume.
South Korea’s Financial Supervisory Service has set up a 24-hour monitoring system for suspicious crypto market activity.🔎
— Moby Media (@mobymedia) July 4, 2024
Launching on July 19 alongside the country's first crypto investor protection law.🇰🇷
As of June 16, 29 crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, are registered with the FSS and must comply with the new regulations.
These exchanges are also required to enforce stricter token listing guidelines.
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