South Korea’s financial regulator is concerned about illegal outflows and money laundering risks from citizens using credit cards to buy crypto from overseas exchanges.
South Korea’s top financial regulator has proposed changing the country’s credit finance laws to prohibit local citizens from purchasing cryptocurrency with credit cards.
In a Jan. 3 legislative notice, the country’s Financial Services Commission cited concerns about illegal outflows and money laundering that could come with South Korean citizens buying cryptocurrency from foreign exchanges.
“Concerns have been raised about illegal outflow of domestic funds overseas due to card payments on overseas virtual asset exchanges, money laundering, speculation, and encouragement of speculative activities,” the FSC stated.
