South Korea is trying to rid its crypto sector off miscreants who are exploiting digital assets to facilitate illicit activities like money laundering. The country is conducting a crackdown on crypto activities that are coming across as suspicious or unusual on the crypto exchanges operating in the Asian nation. On Thursday, July 4, the Financial Supervisory Service of Korea released a statement alerting all crypto exchanges to ramp up transaction monitoring on their respective platforms.
Seoul has directed all crypto exchanges to enter required data and details into the Virtual Asset Unfair Trade Monitoring system. This system will be fully functional in the coming days. There’s no clarity yet on the details the system would require from the exchanges.