TechFlow news, according to The Block, South Korea's financial regulators announced today that they have jointly developed a 24-hour real-time monitoring system with local exchanges to detect suspicious activities in the cryptocurrency market. The system will go live on July 19, coinciding with the effective date of South Korea's first "Virtual Asset User Protection Act."
The Financial Supervisory Service (FSS) revealed that from January to May this year, it prepared standardized reporting formats for transaction data submitted by local exchanges and established a system capable of identifying违规 transactions. The FSS stated it used standards from the Korea Exchange (KRX) as a benchmark, preparing models and metrics through multiple simulations. In addition, major domestic exchanges handling 99.9% of cryptocurrency transactions in South Korea have already built monitoring systems based on the latest standards.
