South Korea Launches a Crypto Monitoring System

The Financial Supervisory Service of South Korea has announced it has created a new 24-hour surveillance system for the cryptocurrency market.

This system, which will go live on July 19 coinciding with the implementation of the country’s first regulatory framework for protecting crypto investors, aims to identify any suspicious activity in the market.

The development of this system began earlier this year, with the FSS creating a standardized reporting format for transaction data submissions from local exchanges.

Using this data, the agency built a system that can distinguish irregular transactions from legitimate ones.

They also consulted Korea Exchange’s criteria for detecting abnormal transactions and conducted several simulations in order to improve the efficacy of the system.