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Republic of Korea: Launched Monitoring System for Suspicious Virtual Asset Transactions

Policy overview

Description

Launched Monitoring System for Suspicious Virtual Asset Transactions

On 4 July 2024, the Korean Financial Supervisory Service (FSS) launched the "Constant Monitoring System for Abnormal Transactions" for virtual assets. The monitoring system will be applied by the FSS for the implementation of the Virtual Asset User Protection Act on 17 July 2024. In particular, the system will detect suspicious unfair trading of virtual assets by analysing trading data, account opening information, and deposit and withdrawal information, among others.

Original source

Scope

Policy Area
Consumer protection
Policy Instrument
Consumer protection authority governance
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body

Complete timeline of this policy change

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2024-03-28
in consultation

On 28 March 2024, the Financial Services Commission (FSC) issued a preliminary notice for the enact…

2024-05-07
processing consultation

On 7 May 2024, the public consultation closed on the Financial Services Commission (FSC) Rules on V…

2024-07-04
under deliberation

On 4 July 2024, the Korean Financial Supervisory Service (FSS) launched the "Constant Monitoring Sy…

2024-07-19
in force

On 19 July 2024, the Financial Services Commission (FSC) Rules on Virtual Asset Market Inspection e…

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