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South Korean Government to Implement Crypto Transaction Monitoring System

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Crypto exchanges operating under a recent South Korean regulation have established a mechanism that enables regulatory bodies to access information regarding potentially suspicious transactions.

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The Financial Supervisory Service (FSS) of South Korea has announced the launch of a “continuous monitoring system” to detect suspicious cryptocurrency transactions on exchanges. This system, developed in collaboration with South Korean digital asset exchanges, is designed to constantly monitor abnormal transactions and is set to be implemented on July 19, coinciding with the enforcement of the Virtual Asset User Protection Act. This legislation, passed in 2023, aims to regulate unfair trade practices and safeguard investors.

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According to the FSS, major cryptocurrency exchanges that fall under the jurisdiction of the law have established a mechanism that enables the regulator to identify abnormal transactions, covering nearly 99.9% of the country’s trading volume. Once detected, the exchange’s system will promptly notify the FSS of any suspicious transactions through a dedicated data transmission line. These transactions may involve market manipulation or other illicit trading activities.

On June 16, 29 cryptocurrency exchanges, such as Upbit, Bithumb, Coinone, Korbit, and Gopax, were officially registered with the Financial Supervisory Service (FSS) and are now subject to monitoring in accordance with the Virtual Asset User Protection Act. Additionally, these exchanges will be required to adhere to stricter review guidelines for token listings as mandated by the law.

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Following the approval of spot exchange-traded funds by the United States Securities and Exchange Commission, South Korean authorities have been deliberating the potential implications of introducing this investment vehicle to local exchanges. A researcher has advised that further investigation is necessary before granting approval, given the substantial influx of capital that could enter the cryptocurrency market.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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