South Koreas crypto exchanges strengthen regulation, new system will promote market stability

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Odaily2024/07/04 22:48

By:Odaily

Odaily News South Koreas Financial Supervisory Service (FSS) has announced a new monitoring system aimed at strengthening supervision of cryptocurrency exchanges and preventing fraudulent transactions. According to the latest announcement, local exchanges will establish a continuous monitoring system to regularly report abnormal transactions to ensure that their legal obligations are fulfilled. The move will be implemented on July 19 in conjunction with the first regulatory framework for cryptocurrency investor protection, the Virtual Asset User Protection Act. At the same time, the Digital Asset Exchange Alliance (DAXA) and 20 local exchanges released the Best Practice Guidelines for Supporting Digital Asset Transactions, which aims to provide a more relaxed review plan for assets that have been compliantly traded in overseas markets for more than two years. These measures show South Koreas positive attitude towards cryptocurrency regulation, committed to improving market stability, protecting investors, and combating financial crime.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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