The FSC has expressed reasonable concerns about the potential outflow of funds from citizens’ credit cards, as well as the use of such cards for illicit activities like money laundering and speculative trading. To gather public feedback, the regulator plans to seek input on the proposal until February 13. If the response is positive, the proposal will move forward to be considered by the South Korean Parliament in the first half of this year.
It is worth noting that last year, South Korean authorities mandated the use of local cryptocurrency platforms for trading digital assets. Furthermore, licensed exchanges are now required to only accept deposits and withdraw funds from verified users.
In a separate development, local officials in South Korea recently faced a requirement to disclose their cryptocurrency investments.