South Korea is about to amend its Foreign Exchange Transactions Act.
The proposed amendment involves more oversight of crypto transactions.
Suspicious transactions increased by 48.8% in South Korea last year.
The South Korean government wants to amend its Foreign Exchange Transactions Act. The amendment would require virtual assets service providers (VASPs) involved in cross-border transactions to register under the new Act and submit monthly reports of individual users’ transaction details to the Bank of Korea.
According to reports, Choi Eun-Seok, a member of the National Assembly from the People Power Party (PPP), sponsored the amendment bill, citing the need to combat crypto-related money laundering and foreign exchange crimes in the country. Choi’s proposal centers on creating a system to monitor crypto transactions.
Meanwhile, the lawmaker believes the rise of illegal transactions and money laundering in South Korea stems from the lack of monitoring. He thinks proper regulation and oversight on crypto and FinTech-based service providers will enable the Korean government to curtail the growing danger.
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