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Home News

South Korea Ramps Up Oversight on Crypto Exchanges with New Monitoring System

4 July 2024
in News, Regulation
Reading Time: 3 mins read
105 4
South Korea Ramps Up Oversight on Crypto Exchanges with New Monitoring System

source: forkast.news

South Korean financial regulators are intensifying their scrutiny of domestic cryptocurrency exchanges to combat questionable trading practices.

The Financial Supervisory Commission (FSC), South Korea’s top financial regulator, is developing a comprehensive system to monitor suspicious cryptocurrency trading activities, as reported by Bloomberg.

The FSC has now mandated that local exchanges feed data and information into this new system to ensure compliance with legislation set to take effect on July 19, 2024. The system will flag suspicious activities such as trades outside normal price ranges and volumes, massive transactions, and unusually slow execution. According to a statement by the regulator, one of its key objectives is to identify accounts linked to “suspected” illicit activities.

This new system and framework is part of broader preparations for a new regulation regime on cryptocurrencies and virtual assets taking effect in July 2024.

Since December 2023, the FSC has released multiple guidelines to interpret and apply these new laws. Notably, the regulator recently released new guidelines clarifying when Non-Fungible Tokens (NFTs) should be classified as digital assets. The guidelines state that specific NFTs exhibiting characteristics similar to cryptocurrencies will fall under regulatory purview, while regular NFTs and Central Bank Digital Currencies (CBDCs) are generally excluded.

Meanwhile, in response to these upcoming rules, local cryptocurrency exchanges have announced their plans to reevaluate over 1,000 previously listed tokens. The Digital Asset Exchange Alliance (DAEX), an alliance representing five major Korean crypto exchanges, informed the local users that they, alongside 20 other domestic exchanges, will start to review 1,333 tokens over six months beginning July 19, 2024.

The alliance noted that they have already incorporated monitoring criteria into their initial process, which should reduce the likelihood of widespread delistings. However, to prevent potential market manipulation, they noted that they would make only disqualification criteria will be made public.

 

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Tags: CryptoSouth Korea
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Precious James

Precious James

Precious James is a seasoned forex and crypto trader who loves sharing insights through engaging and accessible content. When not analyzing markets, Precious enjoys quality time with their beloved dogs. This blend of expertise and personal passion adds a unique, relatable touch to Defi Planet's content.

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