Bitrabo Editorial
South Korea has recently unveiled a new strategy to enhance the security and integrity of its cryptocurrency market. The Financial Supervisory Service (FSS) announced the launch of a 24-hour monitoring system to detect and address suspicious activities within the crypto sector in the nation.
New Surveillance System for Enhanced Monitoring
This move comes as part of a broader effort to introduce comprehensive crypto regulations in South Korea. The new system, set to begin operating on July 19, will utilize advanced technology to monitor transactions and identify irregular activities in collaboration with local exchanges.
The FSS aims to ensure the effectiveness of this system by incorporating analytic models and indicators from Korea Exchange (KRX) to detect potential fraud and manipulations in the market meticulously.
Major exchanges in South Korea have integrated the FSS’s criteria into their operations and established dedicated teams to monitor transactions continuously, demonstrating a united front against illegal activities in the sector.
Continuous Regulation Efforts in South Korea
South Korea has been consistently strengthening its regulations concerning digital currencies. Regional exchanges will review their altcoin listings to comply with investor protection laws, minimizing immediate delistings of 1,333 cryptocurrencies over the next six months.
Despite ongoing regulations, there is a willingness in South Korea to explore further opportunities in the crypto space. However, concerns have been raised by the Korea Institute of Finance regarding potential risks associated with embracing Bitcoin ETFs, which could divert significant capital from domestic markets to the volatile crypto sector.
The institute cautions against the adoption of such ETFs, emphasizing the risks they pose to financial market stability and economic efficiency.
Image Source: DALL-E, Chart from TradingView