South Korea’s Virtual Asset User Protection Act is expected to officially take effect on July 19. According to Bloomberg, in response to the new law, the country’s regulatory authorities are putting pressure on local cryptocurrency exchanges to report suspicious transactions.
South Korea’s Financial Supervisory Service (FSS) said in a statement on Thursday that it is establishing a system that operates 24 hours a day to monitor abnormal cryptocurrency trading activities.
South Korea's FSS stated that the new system will be launched on July 19 and recommended that trading platforms report suspicious transaction data and information through the system. One of the goals is to uncover accounts related to "suspicious" activities. The statement mentioned that any "transactions outside the normal trading volume and price range", "large transactions" and "abnormally slow execution speed" may be regarded as suspicious transactions.
In addition, South Korean authorities also recommended that exchanges form dedicated teams within their organizations to monitor suspicious transactions and provide guidance on how to detect illegal behavior in transactions. The agency pointed out that illegal activities in the cryptocurrency field include unfair transactions using undisclosed information, price manipulation and falsification of circulation data.
Korean investors are the mainstay of the cryptocurrency market. About 10% of the Korean population has been exposed to cryptocurrencies, with riskier small altcoins being the most popular.
Korean girls love speculating on coins! The proportion of users exceeds that of other regions, and the demand for instant wealth drives the market?
Is "Squid Game" a reality? 40% of Korean college students rely on currency speculation to pay off their debts. Are young people almost unable to hold on?
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