United

Bitcoin

when

South Korea’s Financial Supervisory Service (FSS) has launched a “continuous monitoring system” for suspicious crypto transactions on exchanges.
In a July 4 notice, the FSS <a href="https://www.fss.or.kr/fss/bbs/B0000188/view.do?nttId=136953&amp;menuNo=200218&amp;pageIndex=1" target="_blank" rel="noopener nofollow">said</a> it had worked with South Korean digital asset exchanges to establish a system for “constant monitoring of abnormal transactions.” The system’s implementation will occur on July 19, when the Virtual Asset User Protection Act — whose legislation passed in 2023 to <a href="https://cointelegraph.com/news/south-korea-passes-bill-to-tackle-unfair-cryptocurrency-trading">regulate unfair trade practices</a> and protect investors — goes into effect.
According to the FSS, major crypto exchanges subject to the law have established a system allowing the regulator to filter out abnormal transactions, covering roughly 99.9% of the country’s trading volume. 
Once identified, the exchange’s system will report suspicious transactions to the FSS through a dedicated data transmission line. These transactions will include those intended to manipulate the market or engage in other illegal trading.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/56d1ebaf-18e0-4325-b77e-e1054874be9e.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source:&nbsp;Financial Supervisory Service
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/south-korea-mass-crypto-delistings-unlikely-crypto-group">South Korea crypto body says mass token delistings ‘unlikely’ amid new laws</a>
As of June 16, 29 crypto exchanges, including Upbit, Bithumb, Coinone, Korbit and Gopax, were registered with the FSS and subject to monitoring under the Virtual Asset User Protection Act. The law will also require the exchanges to have stricter review guidelines for token listings.
Since the United States Securities and Exchange Commission approved spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) and Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) exchange-traded funds, South Korean officials have been weighing the potential impact of listing the investment vehicle on local exchanges. One researcher <a href="https://cointelegraph.com/news/south-korean-think-tank-cautions-against-crypto-etfs">cautioned that more research is needed</a>&nbsp;before approval, as a significant amount of capital will flow into the crypto market.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-rumors-spark-panic-in-korea-binance-airdrops-for-bnb-hodlers-asia-express/">Crypto rumors spark panic in Korea, Binance airdrops for BNB hodlers: Asia Express</a>

South Korean government to launch crypto transaction monitoring system

Cointelegraph

Other articles published on Jul 4, 2024

BlockDAG Pulls $55.6M Rapidly as Crypto Watchers Eye Dogecoin-X and Floki Bot Launch

SEC's New Target Has Been Revealed: It Is Investigating Cryptocurrency Companies!

Dash Announces Genesis Release of Evolution Platform: Revolutionizing Decentralized Payments and ...

Sydney Sweeney Hack Mastermind Claims Responsibility for Other Celebrity Crypto Scams on X

How Long Will the Fall in Bitcoin Price Continue? What Levels Can Be Observed? Analysis Company A...

Cardano (ADA) vs. Bitcoin (BTC): Which Crypto is a Better Investment Now?

Join our free newsletter for daily crypto updates!