📢South Korea Tightens the Screws on Crypto Fraud with Real-Time Monitoring🚨
South Korea is intensifying its fight against crypto fraud. The Financial Supervisory Service (FSS) has launched a real-time monitoring system to track suspicious cryptocurrency transactions, aiming to enhance investor protection and ensure market integrity.
Increased Scrutiny for Crypto Exchanges:
As new regulations approach, South Korean regulators are targeting questionable trading practices. The FSS aims to boost investor confidence by closely monitoring transactions and swiftly addressing any suspicious activities.
Continuous Monitoring System:
The FSS has introduced a continuous monitoring system to detect abnormal crypto transactions on major exchanges. This 24/7 system, developed with local digital asset exchanges, provides real-time oversight and promptly identifies irregularities, fraud, and manipulation.
Data Transmission Line
A dedicated data transmission line between crypto exchanges and regulatory authorities ensures seamless reporting of suspicious transactions, allowing the FSS to quickly investigate flagged activities.
Launch Date and Investor Protection:
Starting July 19, 2024, the FSS will use this advanced system to monitor crypto transactions around the clock. This coincides with the implementation of South Korea’s first regulation for crypto investor protection — the Virtual Asset User Protection Act.
Stricter Guidelines for Crypto Exchanges:
All crypto exchanges in South Korea must integrate this monitoring system into their operations, providing real-time data to the FSS. Compliance is essential for their continued operation within South Korea’s evolving legal landscape.
By enhancing rules and oversight, South Korea aims to create a safer and more transparent trading environment, strengthening its position in the global crypto market.
