South Korea to regulate crypto exchanges under forex law

An amendment to the Foreign Exchange Transactions Act that brings virtual asset service providers (VASPs) like cryptocurrency exchanges under its regulatory scope has passed a plenary session of South Korea's National Assembly, Digital Asset reported. The bill was approved with 212 votes in favor, zero against, and one abstention out of 213 members present. It is scheduled to take effect six months after its promulgation, with implementation expected as early as the end of this year.