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South Korea’s financial regulator launches real-time crypto fraud monitoring system
The regulator overseeing South Korean financial institutions has unveiled a new system to monitor illicit crypto activity as the country prepares to implement its first digital asset user protection law.
In a new statementThe Financial Supervisory Service (FSS) says it has collaborated with local crypto exchanges to develop a 24-hour monitoring system for suspicious transactions in the crypto space.
The system will be operational as soon as the law on the protection of users of virtual assets comes into force on July 19.
The new law aims to to forbid manipulation of the cryptocurrency market, certain types of trading activities and use of undisclosed material information regarding digital assets.
Violators of the new law face severe consequences, such as life imprisonment for illegal profits of more than 5 billion won, or about 3.76 million U.S. dollars, and heavy fines of three to five times the amount earned from the offense.
The FSS is deploying a monitoring system with the aim of facilitating the compliance of cryptocurrency exchanges with their legal obligations.
“With the implementation of the Virtual Asset User Protection Law, unfair transactions in the virtual asset market are prohibited, and the virtual asset exchange must maintain an audit of abnormal transactions.”
Asia’s fourth-largest economy passes law to protect crypto users after $40 billion collapse of Terraform Labs in 2022, a crypto ecosystem co-founded by South Korean national Do Kwon.
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