According to Foresight News, South Korea's Financial Supervisory Service (FSS) has announced the development of a 24-hour monitoring system in collaboration with local exchanges. This system is designed to screen for any suspicious activities in the cryptocurrency market. The new system is set to launch on July 19, the same day the country's first regulatory framework for the protection of cryptocurrency investors will come into effect.
The FSS has also suggested that exchanges form specialized teams within their organizations to monitor suspicious transactions. They are to provide guidelines for detecting illegal activities in transactions identified through audit information, such as on-chain data. The agency highlighted that illegal activities in the crypto assets include unfair trading using undisclosed information of tokens, price manipulation, and falsification of circulation data.