In recent years, South Korean authorities have been implementing stricter regulations on cryptocurrency exchanges. As reported by local media in April 2023, the Central Bank will now have access to user data from trading platforms.
According to South Korean financial intelligence, there has been a 49% increase in suspicious transactions involving digital assets in the country in 2023.
This rise in illicit activities is a cause of concern for the authorities. The department’s report highlights the need for exchanges to strengthen their monitoring of these transactions, as cryptocurrencies often pass through exchange addresses.
In 2022, there was only a 10% increase in suspicious transactions involving virtual currencies compared to the previous year. To further address this issue, financial intelligence has announced plans to expand its workforce.
They will be hiring blockchain specialists who can utilize software to monitor the movement of funds in tokens.
