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South Korea's Financial Supervisory Service has launched a real-time monitoring system for cryptocurrency transactions, targeting fraud and abnormal activities, effective July 19.
Real-Time Surveillance for Abnormal Transactions
A "continuous monitoring system" has been implemented by the Financial Supervisory Service (FSS) of South Korea to keep an eye out for potentially fraudulent cryptocurrency transactions on exchanges.
An announcement made by the Financial Services Service (FSS) on July 4 stated that it had collaborated with South Korean digital asset exchanges to develop a system that would allow for "constant monitoring of abnormal transactions."
Regulation of Unfair Trading Practices
In 2023, the Virtual Asset User Protection Act was voted into law with the intention of regulating unfair trading practices and protecting investors. The implementation of the system is scheduled to take place on July 19, the day that the legislation goes into effect.
According to the Financial Services Commission (FSS), major cryptocurrency exchanges that are subject to the law have developed a system that enables the regulator to filter out irregular transactions. Per The Block, this system covers approximately 99.9% of the trading volume in the country.
Once the suspicious transactions have been recognized, the system of the exchange will notify them to the Financial Stability Service (FSS) through a dedicated data transmission line. Transactions that are designed to manipulate the market or engage in other forms of unlawful trading will be included in this pool of transactions.
Major Crypto Exchanges Under New Regulations
As of the 16th of June, the Financial Services Commission (FSS) had registered 29 cryptocurrency exchanges, some of which were Upbit, Bithumb, Coinone, Korbit, and Gopax. These exchanges are now subject to surveillance under the Virtual Asset User Protection Act.
Additionally, the regulation would mandate that the exchanges will be required to implement more stringent screening procedures for token listings.
According to Cointelegraph, since spot Bitcoin and Ether exchange-traded funds were approved by the United States Securities and Exchange Commission, South Korean regulators have been considering the potential impact that listing the investment vehicle on local exchanges could have.
Because of the substantial quantity of wealth that will be flowing into the cryptocurrency market, one expert warned that additional research is required before approval can be granted.
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