South Korea launches new system to combat crypto fraud and hacks.
FSS partners with KISA to enhance regulatory oversight and investigations.
New regulations prioritize user protection and align with global standards.
South Korea is ramping up efforts to combat fraud and cybercrime in the cryptocurrency market, unveiling a new joint response system aimed at curbing hacks and unfair trading practices.
Lee Bok-hyun, the South Korean Financial Supervisory Service (FSS) Governor, recently unveiled the nation’s new joint response system designed to combat the rising number of hacks and fraudulent activities in the virtual asset ecosystem.
This move follows South Korea’s recent implementation of new regulatory policies, which are in line with public demand for crypto-friendly national policy. Financial Services Commission (FSC) Chairman Kim Joo-hyun announced the nation’s goal to adopt a crypto framework that meets public needs and aligns with global financial standards.
In a recent development, the FSS signed a memorandum of understanding (MoU) with the Korean Internet and Security Agency (KISA). The MoU is an agreement to enhance cooperation in implementing new regulatory norms and investigation strategies. Additionally, South Korea aims to establish a comprehensive investigation system to oversee and address cyber threats.
South Korea continues to make headlines with innovative approaches to crypto regulation. Prioritizing the community’s security and protection from fraud, the nation is set to implement its first law on crypto user protection on July 19. Meanwhile, the Korean Financial Institute (KFI) has cautioned against the potential adverse effects of Spot Exchange-Traded Funds (ETFs), citing concerns such as “increased inefficiency in resource allocation and heightened exposure to crypto-related risks in the financial market.”
South Korea’s proactive stance in regulating the crypto space signals a shift towards greater oversight over virtual assets and user protection. Placing investor protection and market integrity at the forefront, the country’s approach could serve as a model for other nations navigating the complexities of the crypto landscape.
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