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South Korea to amend forex law to address money laundering involving crypto

December 23, 2024, 9:27 AM
South Korea is planning to amend the Foreign Exchange Transaction Act to combat cryptocurrency-related money laundering and foreign exchange crimes, according to the Daehan Financial Newspaper. On Dec. 20, Choi Eun-seok, a member of the National Assembly from the People Power Party (PPP), proposed amendments aimed at establishing a monitoring system for cryptocurrency transactions. Choi emphasized that the absence of clear regulations and monitoring for cryptocurrency and fintech-based foreign exchange services has contributed to the rise of illegal transactions and money laundering. Minister of Economy and Finance Choi Sang-mok stated in October that such amendments would undergo consultations and legislative review, with implementation targeted for the second half of 2025. The changes would require virtual asset service providers (VASPs) involved in cross-border crypto transactions to register under the Act and submit monthly reports on individual users’ transaction details to the Bank of Korea.

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