South Korea will introduce monitoring of crypto exchanges and a joint initiative with the US against North Korean hackers
South Korea's financial intelligence unit (KoFIU). And which focuses on combating money laundering and terrorist financing. The KoFIU held a meeting to "strengthen the compliance of virtual service providers. This is according to a statement released by the South Korean Financial Services Commission.
The meeting came a day after the country established an inter-agency crime investigation unit. And related to cryptocurrencies, which included more than 30 investigators.
"KoFIU has a supervisory role, mainly anti-money laundering, but we will also operate a virtual asset strategic analysis unit to analyze criminal activities more systematically," Commissioner Ri Yunsu said during the meeting.
Five South Korean crypto service providers attended the meeting. And who spoke about their measures to combat potential threats from crypto fraudsters. In particular, representatives of the crypto exchange Upbit said that they used artificial intelligence to detect erroneous transactions.
Also, the U.S. and South Korea held a working group meeting on cyber threats from North Korea. The two sides discussed how to better collaborate with foreign governments. And industry leaders to raise awareness of threats coming from the DPRK. And increasing data sharing between country authorities and companies on cybersecurity issues.
Our experts also note that in July, regulators in Thailand, Singapore and South Korea issued cryptocurrency regulations to protect investors and cryptocurrency exchange users.