South Korea plans to amend the Foreign Exchange Transactions Act. The proposed amendment aims to strengthen control over cryptocurrency transactions. Last year, the number of suspicious transactions in South Korea increased by 48.8%. The South Korean government wants to amend the Foreign Exchange Transactions Act. The amendment will require virtual asset service providers (VASPs) involved in cross-border transactions to register under the new law and submit monthly reports on individual user transaction details to the Bank of Korea.

According to reports, Choi Eun-sok, a member of the National Assembly from the People Power Party (PPP), sponsored the amendment bill, citing the need to combat money laundering related to cryptocurrency and currency crimes in the country. Choi's proposal focuses on creating a system for monitoring cryptocurrency transactions.

Meanwhile, lawmakers believe that the rise in illegal transactions and money laundering in South Korea is due to a lack of control.