South Korea’s Financial Services Commission (FSC) has proposed amendments that would ban the purchase of cryptocurrencies using credit cards in an effort to curb money laundering and speculative trading. The key takeaways:
The FSC proposes to ban the use of credit cards to buy cryptocurrencies on foreign exchanges. The move aims to prevent illegal fund outflows, money laundering, and speculative behavior in the crypto market.
Public Feedback Period
The proposal is now open for public feedback until February 13, 2024. Comments will be reviewed before a final vote on implementing the new rules in the first half of 2024.
Calls for Regulation
The proposal is part of South Korea’s efforts to cooperate internationally and strengthen controls on foreign currency outflows and money laundering according to the FSC.
Crypto Trading by Lawmakers
An investigation found that South Korean lawmakers traded a total of 125.6 billion won ($97.6 million) in cryptocurrencies over three years. According to the report, 18 lawmakers owned crypto assets with 11 actively trading them. Bitcoin was the most commonly traded cryptocurrency.
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