The Financial Services Commission has recently announced that new surveillance measures may be implemented in the next 12 months. These will be applied to custodial and pocket services, as well as cryptocurrency exchanges.
The regulator will be selecting and scrutinizing certain targets according to their customer value, the number of customers, etc. In addition to the assessment, crypto exchanges and services may be under constant surveillance in order to stop money laundering and similar activities.
“We will firstly focus on domestic exchanges as 95 percent of crypto traders use exchanges such as UPbit, which accounts for 98 percent of domestic crypto trading value,” He said.
The fee will be looking into the anti-money laundering activities and the fulfilment of obligations, such as suspicious transaction reporting and customer identification. Plus, punishments may be increased if no improvement is seen.
