South Korea’s Financial Services Commission (FSC) is proposing changes to the country’s credit finance laws that would prohibit local citizens from using credit cards to purchase cryptocurrency. The FSC expressed concerns about potential illegal outflows and money laundering associated with South Korean citizens buying cryptocurrency from foreign exchanges.

The current laws in South Korea only allow transactions between virtual assets through deposit and withdrawal accounts where the user’s identity can be verified. However, these rules do not apply to foreign crypto exchanges. The FSC is seeking public input on the proposal until February 13, and it aims to implement the changes in the first half of 2024.

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Information	Details
Geography	Asia
Countries
Sentiment	neutral
Relevance Score	1
People	None
Companies	Financial Services Commission (FSC), Yonhap
Currencies	None
Securities	None