South Korea’s Financial Supervisory Service announced today that it has developed a 24-hour surveillance system with local exchanges that will screen for any suspicious activity in the cryptocurrency market.

The new system is set to go live on July 19, the day South Korea’s first regulatory framework for crypto investor protection comes into effect, FSS said in the press release.

From January to May this year, the FSS said it prepared a standardized reporting format for transaction data submissions from local exchanges, upon which it built a system that separates irregular transactions from the rest.

“We benchmarked KRX's (Korea Exchange) criteria in extracting abnormal transactions and prepared models and metric indicators through several simulations, which we expect will filter out …