According to PANews, Kim Byoung-hwan, chairman of the Financial Services Commission of South Korea, announced that the government will take strong measures to prevent virtual assets from becoming a "loophole" in the anti-money laundering system.
At the 18th Anti-Money Laundering Day ceremony, Kim Byoung-hwan stressed that cases of virtual assets being misused for illegal activities are not uncommon.
He added that future revisions (to the Foreign Exchange Transactions Act) will require virtual asset service providers involved in cross-border transactions to register in advance and report transaction details to ensure virtual assets are not used for illegal fund transfers or tax evasion.