South Korea's Financial Supervisory Service (FSS) has announced the launch of a new monitoring system aimed at strengthening the supervision of cryptocurrency exchanges and preventing fraudulent transactions. According to the latest announcement, local exchanges will establish a continuous monitoring system to regularly report abnormal transactions to ensure that their legal obligations are met.
The move will coincide with the implementation of the Virtual Asset User Protection Act, the first regulatory framework for the protection of cryptocurrency investors, on July 19. At the same time, the Digital Asset Exchange Alliance (DAXA) and 20 local exchanges released the Best Practices Guide to Supporting Digital Asset Trading, which aims to provide a more relaxed vetting program for assets that have been in compliance with foreign markets for more than two years.
These measures demonstrate South Korea's proactive approach to cryptocurrency regulation, with a commitment to enhancing market stability, protecting investors, and cracking down on financial crimes.
South Korean crypto exchanges step up regulation, new system will promote market stability
2024-07-04 19:02:04
Korea finance regulation services fss announcement launch monitoringdesk3cryptocurrencydesktopCrypto News
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