South Korean financial regulators will strengthen the cryptocurrency monitoring system

ChainCatcher news, according to SBS Biz, the Financial Supervisory Service (FSS) of South Korea will strengthen its cryptocurrency monitoring system based on the "Virtual Asset User Protection Act." The FSS will improve its methods for collecting and processing cryptocurrency data and establish its own standards for identifying suspicious transactions. It also plans to develop standards for monitoring price fluctuations and spikes in trading volume.

In addition, the regulatory agency will enhance its management of data received from overseas cryptocurrency exchanges, including transaction records and policy actions. The agency has allocated approximately 150 million won (108,000 USD) for these upgrades, with the goal of completing them by the first quarter of next year.