According to ChainCatcher, the Financial Supervisory Service of South Korea announced today that it has developed a 24-hour monitoring system in cooperation with local exchanges to screen any suspicious activities in the cryptocurrency market.

The new system will go online on July 19, the same day that South Korea's first cryptocurrency investor protection regulatory framework will take effect. The Financial Supervisory Service said that from January to May this year, a standardized reporting format has been developed for transaction data submitted by local trading platforms, and on this basis, a system has been established to distinguish illegal transactions from other transactions.