South Korea’s Regulator to Inspect Crypto Exchanges
The Financial Supervisory Service (FSS) will soon commence its inspection of virtual asset exchanges to detect any suspicious or illegal activities.
According to reports, the FSS will strictly enforce the rules and regulations and impose severe penalties for any unlawful activities discovered during the inspection. The agency also plans to advocate for regulatory updates if required to address any flaws in the system.
During the inspection, the FSS will focus on identifying potential fraudulent transactions and ensuring that cryptocurrency exchanges and related companies comply with the regulations.
Recently, South Korea‘s “Virtual Asset User Protection Act” went into effect on July 19, which outlines measures to safeguard investors in the cryptocurrency market. This includes measures such as insurance against hacks and safeguarding customer assets separately from the exchange’s assets.
