The Foreign Exchange Transactions Act is set for revision to combat financial crimes like money laundering using virtual assets. Rep. Choi Eun-seok of the People's Power Party proposed the revision, emphasizing the need for robust monitoring of virtual asset transactions to curb illegal activities and money laundering. The revision aims to establish a monitoring system for virtual asset transactions, recognizing the lack of clear regulations and oversight for virtual asset and fintech-based foreign exchange services. Minister of Strategy and Finance Choi Sang-mok stated in October that the revision would be pursued through inter-ministerial consultations and legislation, targeting implementation in the second half of next year. Under the revised act, virtual asset operators seeking to engage in cross-border transactions must register with the Foreign Exchange Transactions Act. Furthermore, the Bank of Korea will be mandated to submit monthly reports to the central bank, detailing individual users' virtual asset transaction histories. These measures aim to enhance transparency and accountability in the virtual asset market, preventing its misuse for illicit purposes.