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South Korea tightens grip on crypto trading with advanced, real-time monitoring system

( July 4, 2024, 06:15 GMT | Official Statement) -- MLex Summary: South Korea will launch a new real-time monitoring system for detecting unfair trading in the cryptocurrency market on July 19, as part of the upcoming Virtual Asset User Protection Act. The Financial Supervisory Service said it has worked with cryptocurrency exchanges to develop guidelines and build the system, which consists of four key components: a standardized trading-data accumulation system, an automated system to detect suspicious trading patterns, a framework for analyzing flagged transactions and a system for reporting and notifying suspicious activities to authorities. The regulator said the move aims to swiftly identify and report activities such as insider trading, market manipulation and fraudulent transactions to authorities.The statement, in Korean, is attached....

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