ChainCatcher news, the chairman of the Financial Services Commission of Korea, Kim Byung-hwan, recently stated: "The prices of virtual assets have surged significantly in the short term, and the volatility of the market itself is also very high, so the government needs to closely monitor and focus on whether there are any abnormal transactions in virtual assets." The Financial Supervisory Service plans to check the operational status of the abnormal transaction monitoring system for virtual asset exchanges in the near future.Regarding the fact that the trading volume of the virtual asset market has exceeded that of the stock market, he stated: "If we look at the two markets, funds should flow into the stock market."He added: "We all recognize that the stock market is very important for the healthy cycle of our economy, but due to doubts about the positive impact of virtual assets on the real economy, it is necessary to study the situation where their trading volume remains high."

ChainCatcher news, the Financial Information Unit (FIU) of the South Korean Financial Services Commission has discovered at least 500,000 suspected violations of customer identity verification (KYC) obligations during its review of the business renewal of the virtual asset exchange Upbit. The FIU is examining the legality of these cases one by one.The violations found during this review include some accounts that registered using vague identification documents, which may be used for money laundering or other illegal activities. According to the Act on Reporting and Using Specified Financial Transaction Information, virtual asset exchanges are required to renew their licenses every three years, and for violations of customer identity verification obligations, each case may be fined up to 100 million won. The FIU's review of Upbit is still ongoing.KYC is a necessary procedure under anti-money laundering (AML) and counter-terrorism financing (CTF) requirements, and exchanges must ensure that users submit valid identification and complete identity verification.

ChainCatcher news, the chairman of the Financial Services Commission of Korea, Kim Byung-hwan, stated that he will review the monopoly phenomenon in the virtual asset market centered around Upbit. During the national policy inspection by the National Assembly's Administrative Committee, Kim Byung-hwan responded to questions from lawmakers regarding the monopoly structure of Upbit, pointing out that a comprehensive review will be conducted through the Virtual Asset Committee.Lawmakers also questioned the partnership between Upbit and K Bank, stating: "K Bank's total deposits amount to 22 trillion won, of which Upbit's deposits reach 4 trillion won, accounting for as much as 20%. If Upbit's trading is interrupted, K Bank could face a run on the bank."