South Korea's Financial Supervisory Service (FSS) announced yesterday the development of a 24-hour surveillance system in collaboration with local exchanges.
This system will monitor the cryptocurrency market for any suspicious activity. The system will be launched on July 19, the same day that South Korea's first regulatory framework to protect crypto investors will go into effect.
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The FSS has been working on this system since January, and includes a standardized reporting format for the submission of transaction data by local platforms.
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The system will be able to identify and separate irregular transactions from legitimate ones. The FSS has also provided guidelines for exchanges to establish a dedicated team to monitor suspicious transactions.