Crypto exchanges to establish monitoring system to prevent unfair trading

Prices of various cryptocurrencies are displayed on a screen at lounge of Upbit in southern Seoul, May 22. Yonhap

As the country’s first law on virtual asset user protection is set to take effect Friday, cryptocurrency exchanges will be obligated to monitor unfair practices in the market. The exchanges are thus making all-out efforts to establish a monitoring system.

The Virtual Asset User Protection Act includes provisions for regulating unfair trading. It specifies penalties for unfair practices in the virtual asset market and prohibits using key insider information, manipulating market prices and making fraudulent, irregular transactions. It also includes restrictions on self-issued virtual asset trading.

As the new law stipulates virtual asset exchanges’ obligation of constantly monitoring abnormal transactions, they should examine whether there is unfair trading while continuously monitoring the market. In case they detect any 커뮤니티 suspicious action, they should immediately report to financial authorities. With the enforcement of the law nearing, the virtual asset exchanges are in full swing preparing for the final stages.

Industry experts stress that the “order book information loading system” is at the core of monitoring. According to the Virtual Asset User Protection Act, exchanges should preserve trading records to monitor unfair trading. These records of virtual asset trading must include not only the name of the virtual asset and the date and quantity of the transaction but also the order book information at the time of order placement. They point out that the order book information is crucial for financial authorities to determine whether it was unfair trading.

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