FSC, Crypto Asset Exchanges Implement Guidelines for Enhanced Transaction Monitoring

IconCryptoNewsTerminal Staff03 Jul, 2024

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FSC, Crypto Asset Exchanges Implement Guidelines for Enhanced Transaction Monitoring

The Financial Services Commission (FSC) of South Korea has collaborated with crypto asset exchanges to establish a comprehensive set of guidelines for the continuous monitoring of irregular transactions. This initiative aims to enhance transparency and protect users in the crypto asset market. The guidelines outline a standardized transaction data format that enables exchanges to detect suspicious activities effectively. Each exchange has implemented a dedicated computer system to facilitate this process. The guidelines also include expanded data collection, encompassing quotation information and trading order medium details. To ensure seamless information sharing, the FSC has set up a reporting system with the exchanges. This system allows for real-time monitoring of irregular transactions, enabling exchanges to analyze transaction data, account opening information, and deposit/withdrawal patterns to identify potential unfair trading practices. By leveraging this robust monitoring framework, crypto asset exchanges aim to detect and prevent illicit activities, promoting a fair and secure trading environment for users.

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