According to the Korea Financial Daily, South Korean lawmaker Choi Eun-sik has proposed an amendment to the 'Foreign Exchange Transaction Act' to prevent foreign exchange crimes such as money laundering of virtual assets. The Ministry of Finance plans to add definitions for virtual assets and virtual asset business operators next year, and requires relevant operators to register before conducting cross-border transactions and to report users' transaction records to the Bank of Korea regularly. The amendment is expected to be implemented in the second half of next year.