South Korean authorities may ban the purchase of cryptocurrencies from credit cards
The regulator cites the purchase of digital assets on foreign cryptocurrency platforms as the main reason for such a ban. FSC representatives note in their notice that the regulator has reasonable concerns about the outflow of internal funds from citizens’ credit cards, as well as the use of such cards for money laundering and speculative activities.
As part of the proposal, FSC plans to collect public feedback on its proposal by 13 February. It is expected that if the feedback is positive, the proposal will be considered by the South Korean Parliament in the first half of this year.
Let us recall that in 2021, the South Korean authorities obliged citizens to use local cryptocurrency platforms for trading digital assets. At the same time, licensed exchanges must accept deposits and withdraw funds only to verified users.
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