Korea to add virtual assets to prohibited credit card transactions...Financial Services Commission to hold legislative preview of amendments to existing law

The Financial Services Commission announced on Feb. 4 that it will hold a legislative preview of a proposed amendment to the Enforcement Decree of the Credit and Specialized Financial Business Act, which includes a motion to add virtual assets to the list of prohibited card transactions, from today until Feb. 13, Newsfim reported. The media said, "Domestic virtual asset exchanges are subject to the 'Act on Reporting and Utilization of Specified Financial Transaction Information,' which allows transactions between money and virtual assets only through deposit and withdrawal accounts with verifiable real names, while overseas virtual asset exchanges have difficulty applying the same regulations. In the future, the Financial Services Commission plans to include virtual assets in the same category as financial investment products such as stocks, speculative activities, and monetary instruments to prohibit card payments, laying the groundwork for cooperation with international brands and strengthening prevention of foreign currency outflows and money laundering," he said.