According to Yonhap News Agency, the chairman of the Financial Services Commission (FSC) of South Korea, Kim Byeong-hwan, stated at the "18th Anti-Money Laundering Day" commemorative ceremony that efforts to combat illegal transactions using virtual assets will be strengthened to prevent virtual assets from becoming a "loophole" for money laundering. He proposed introducing a prior registration obligation for service providers engaged in cross-border virtual asset transactions by amending the "Foreign Exchange Transactions Act" and requiring the reporting of transaction records to prevent virtual assets from being used for illegal remittances or tax evasion. Furthermore, Kim Byeong-hwan emphasized that proactive measures will be taken to address illegal financial transactions, including youth gambling and illegal stock recommendations, and plans to introduce a system for freezing accounts associated with criminal funds to enhance the effectiveness of asset confiscation.