South Korea's Financial Supervisory Service (FSS) is launching a continuous monitoring system for suspicious cryptocurrency transactions on exchanges. From July 19, when the Virtual Asset User Protection Act comes into force, the FSS will monitor “anomalous transactions.” 🕵️♂️
Major crypto exchanges covered by the law have already installed a system that allows the regulator to filter out suspicious transactions. This covers approximately 99.9% of the country's trade turnover.
As of June 16, 29 crypto exchanges, including Upbit, Bithumb, Coinone, Korbit and Gopax, are registered with the FSS and are subject to monitoring under the Virtual Asset User Protection Act.