SEOUL, South Korea— South Korea has become the first Asian country to make efforts to ensure transparency among all crypto holders in the nation, irrespective of their class and status, according to a new report.
In 2023, South Korean financial authorities proposed a ban on using credit cards for crypto payments in the country.
Coinspeaker reported the country’s top financial regulator, the Financial Services Commission (FSC), has published a legislative notice seeking to amend the Enforcement Decree of the Credit-Specialized Financial Business Act. The amendment aims to introduce a new clause in the existing law that would restrict people in the region from using their credit cards for any transactions associated with digital assets, Coinspeaker said.
Concerns Raised
The financial authorities said that concerns had been raised about illegal outflows of domestic funds outside the Asian country.
According to the FSC, South Korean nationals use their cards on international crypto exchanges for illegal activities, including money laundering, speculation, and encouragement of speculative activities. For this reason, the authorities want to restrict the use of credit cards for any payment related to crypto, Coinspeaker reported.
Now With Free Shipping!
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?