South Korea's financial regulator and exchanges jointly develop 24-hour real-time monitoring system

According to TechFlow, South Korea’s financial regulator has developed a 24-hour real-time monitoring system with local exchanges to screen for suspicious activities in the cryptocurrency market. The system will be launched on July 19, the day when South Korea’s first Virtual Asset User Protection Act takes effect.

According to the Financial Supervisory Service (FSS) of South Korea, from January to May this year, the agency has prepared a standard reporting format for transaction data submitted by local exchanges and established a system that can distinguish illegal transactions. FSS said that they prepared models and metrics through multiple simulations based on the standards of the Korea Exchange (KRX). Major local exchanges that handle 99.9% of cryptocurrency transactions in South Korea have established monitoring systems based on the latest standards.