Financial Supervisory Service (FSS) strengthens monitoring of unfair trading in virtual assets… supervises 'by the minute'

The Financial Supervisory Service (FSS) is shortening the monitoring cycle for unfair trading in the virtual asset (cryptocurrency) market from daily to minute-level. This measure is intended to detect abnormal trades, such as ultra-short-term price manipulation, close to real time.

According to the industry on the 26th, the financial authorities said the FSS is developing an algorithm that can analyze transaction records by the minute. The system is designed to automatically detect unfair trading, such as short-term price manipulation, by pre-learning various abnormal trading patterns.

It appears to be a measure aimed at raising surveillance of unfair trading in the virtual asset market to the level of the formal regulatory framework.

The financial authorities plan to reflect the enhanced supervisory system in the Phase 2 virtual asset bill currently being prepared and submit it to the National Assembly within the year. The bill is reported to include plans to establish a statutory association responsible for market self-regulation, in addition to monitoring unfair trading.