PANews reported on October 29 that according to SBS Biz, the Financial Supervisory Service (FSS) of South Korea will strengthen its cryptocurrency monitoring system in accordance with the Virtual Asset User Protection Act. The FSS will improve its cryptocurrency data collection and processing methods and establish its own standards for identifying suspicious transactions. It also plans to develop standards for monitoring price mutations and surges in trading volume. In addition, the regulator will improve how it manages data received from overseas cryptocurrency exchanges, including transaction records and policy actions. The agency has allocated approximately 150 million won (US$108,000) for these upgrades, with the goal of completing them by the first quarter of next year.