South Korea Launches Continuous Monitoring for Crypto Transactions

South Korea’s Financial Supervisory Service (FSS) will introduce a continuous monitoring system on July 19 to track suspicious cryptocurrency transactions. Developed with local digital asset exchanges, this system aligns with the country’s Virtual Asset User Protection Act, which aims to regulate trade practices and protect investors. Major Korean crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, will report abnormal activities, such as market manipulation, directly to the FSS. The Act mandates continuous monitoring of unfair trading practices, establishing guidelines for detecting and managing suspicious transactions. This includes a unified transaction data system and a detection system modeled after Korea Exchange (KRX) standards. These measures aim to ensure a fair and transparent virtual asset market.