South Korea Implements Real-Time Crypto Transaction Monitoring

Starting July 19, South Korea’s Financial Supervisory Service (FSS) will implement a continuous monitoring system to track suspicious cryptocurrency transactions. 

Developed with major Korean exchanges like Upbit, Bithumb, Coinone, Korbit, and Gopax, this system aligns with the Virtual Asset User Protection Act to regulate trade practices and protect investors. These exchanges will report abnormal activities, such as market manipulation, directly to the FSS. 

The Act establishes guidelines for detecting and managing suspicious transactions, including a unified transaction data system and a detection system modeled after Korea Exchange standards, aiming to ensure a fair and transparent virtual asset market.

Clever Robot News Desk 9^th July 2024