South Korea’s Financial Services Commission has proposed a ban on credit card payments for cryptocurrency purchases. The regulator aims to prevent local citizens from buying cryptocurrencies on foreign exchanges, citing concerns over illegal fund outflows, money laundering, and speculative behavior. The proposal will undergo public feedback until February 13, and if approved, it is expected to be implemented in the first half of 2024. This move follows a 2021 amendment requiring South Korean crypto users to trade with verified accounts on local exchanges using their real names. Local trading platforms must also secure partnerships with local banks to offer fiat-to-crypto services.
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South Korea proposes ban on credit card payments for crypto
