Odaily News South Korea's Financial Supervisory Service (FSS) will strengthen its cryptocurrency monitoring system in accordance with the Virtual Asset User Protection Act, SBS Biz reported. 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 sudden price changes 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 about 150 million won ($108,000) for these upgrades, with the goal of completing them by the first quarter of next year.