South Korea’s Financial Supervisory Service (FSS) is set to implement a new continuous monitoring system starting July 19 to oversee suspicious cryptocurrency transactions. Developed in collaboration with domestic digital asset exchanges, this initiative is in accordance with the Virtual Asset User Protection Act of the country, which seeks to standardize trading activities and safeguard investors.
Key South Korean cryptocurrency exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax will be responsible for promptly notifying the FSS of any irregularities, including instances of market manipulation. The Act mandates ongoing vigilance against unfair trading practices, outlining protocols for identifying and managing suspicious transactions. This encompasses the establishment of a consolidated transaction data platform and a detection mechanism based on standards akin to those of the Korea Exchange (KRX).
These measures are designed to promote equity and transparency within the virtual asset market, ensuring a secure environment for all stakeholders involved.
