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

On July 19, South Korea's "Virtual Asset User Protection Act" came into effect, laying 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.

Elaborating further on the monitoring of virtual asset service providers (VASPs), South Korea's Financial Services Commission (FSC) stated that the inspections will look for suspicious transactions and ensure 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.