According to ChainCatcher, South Korean lawmaker Choi Eun-seok proposed an amendment to the (Foreign Exchange Transactions Act) to prevent foreign exchange crimes such as virtual asset money laundering. The amendment proposes the establishment of a virtual asset transaction monitoring system.
Cui Enxi pointed out that the rapid development of virtual assets and financial technology has diversified cross-border transactions, but current laws fail to cover these changes, resulting in regulatory blind spots, especially the serious problem of money laundering involving virtual assets.
According to data from the Financial Information Analysis Institute, the number of suspicious transaction reports from virtual asset merchants last year increased by 48.8% from the previous year. The Ministry of Finance plans to add a new definition of virtual assets next year and require merchants to register.
The amendment is expected to be implemented in the second half of next year.
