TechFlow reports that South Korea's Financial Services Commission (FSC) has proposed an amendment to the Credit Finance Act to effectively prevent domestic residents from purchasing cryptocurrencies using credit cards. The primary aim of this amendment is to restrict cryptocurrency traders from acquiring digital assets on foreign exchanges.
The regulator stated that the amendment decision responds to concerns regarding illegal capital outflows, money laundering, and speculative activities. Public comments on the proposal will be collected until February 13, with deliberation and voting expected in the first half of 2024.
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