South Korea's Financial Supervisory Service (FSS) will begin inspecting virtual asset exchanges for any suspicious or illegal transactions. The FSS will enforce market order with strict punishments for illegal activities found during inspections and will advocate for regulatory revisions if needed to address system deficiencies.

The inspection comes after South Korea's "Virtual Asset User Protection Act" came into effect on July 19, which lays out several ways to protect users investing in cryptocurrencies. This includes insuring against hacks and malicious attacks on user crypto assets and keeping customer assets separate from the exchange's assets.

The Financial Services Commission (FSC) elaborated further on the monitoring of virtual asset service providers (VASPs), stating that the regulator will look for suspicious transactions and ensure that crypto exchanges and related companies comply with the regulations.

Source: https://cointelegraph.com/news/south-korea-fss-inspects-crypto-exchanges-illegal-transactions

The information provided in this article is for informational and educational purposes only, based on news and sources gathered from the internet. This content should not be considered as investment advice, financial guidance, or a suggestion to buy or sell any digital assets. Before making any financial decisions, we recommend consulting with a professional financial advisor and conducting your own research. The author and the blog are not responsible for any losses or damages that may arise from using this content.