CoinVoice has recently learned, according to Yonhap News Agency, that Kim Byoung-hwan, the chairman of the Financial Services Commission (FSC) 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 emphasized that cases of virtual assets being misused for illegal activities are not uncommon.
He also added that future amendments to the Foreign Exchange Transaction Act will require virtual asset service providers participating in cross-border transactions to register in advance and report transaction details to ensure that virtual assets are not used for illegal fund transfers or tax evasion. [Original link]