The number of reports of illegal virtual asset transactions in South Korea from January to August this year has exceeded the total of the past two years.

According to South Korean lawmaker Jin Xingjun, citing data from the Financial Intelligence Analysis Service (FIU), virtual asset service providers in South Korea submitted 36,684 suspicious transaction reports (STRs) from January to August of this year, exceeding the 35,734 reported in the previous two years combined. Under the current Specified Financial Information Act, virtual asset service providers in South Korea are required to report suspected money laundering and other transactions to the FIU. Separately, the Customs Service revealed that in May of this year, an underground exchange operator was caught using the stablecoin USDT to illegally transfer approximately 57.1 billion won across borders.