South Korea’s financial regulator is expressing worry over the potential for illegal outflows and money laundering risks stemming from South Korean citizens using credit cards to purchase cryptocurrencies from overseas exchanges. The regulator is particularly concerned about the lack of oversight and control in these transactions, which could facilitate the illegal movement of funds and increase the potential for money laundering activities. This highlights the regulatory challenges faced by South Korea as it seeks to manage and mitigate the risks associated with the rapidly growing cryptocurrency market.
HomeDIGITAL ASSETS REGULATORYworldwide-stablecoinSouth Korea's Plan to Prohibit Credit Card Transactions for Cryptocurrencies