Inside South Korea’s New Crypto Monitoring System to Combat Fraud

• South Korea enhances crypto exchange oversight to curb fraud under new law, effective July 19.   
• FSS mandates investor protections and real-time trading analysis to ensure market integrity.   
• Exchanges must adopt advanced surveillance to comply with stringent regulatory changes.

South Korea is ramping up its fight against crypto fraud as a new digital asset law looms. The country’s financial regulator, the Financial Supervisory Service (FSS), is establishing a comprehensive monitoring system to eliminate fraudulent crypto trading on local exchanges as part of a broader initiative to enhance investor protection.

According to Bloomberg, the Financial Supervisory Service (FSS) announced that it is establishing a monitoring system to detect unusual crypto trading activities. The FSS has urged crypto exchanges to provide data and information to this system to comply with the legislation that becomes active on July 19.

South Korea is increasing pressure on local crypto exchanges to root out questionable trading, part of efforts to improve investor protection with a new digital-asset law https://t.co/gUyTuMKcl2

— Bloomberg (@business) July 4, 2024

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