CandleFocus South Korea Crypto Regulation: New Bill Targets Money Laundering
2024-12-23
Author: Content Editor
The South Korean government is planning to amend its Foreign Exchange Transactions Act in an effort to combat crypto-related money laundering and foreign exchange crimes. 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. The proposed amendment is part of the country's efforts to regulate the crypto industry and create a more well-monitored cryptocurrency ecosystem.
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