TechFlow news, on November 28, according to Yonhap News Agency, Kim Byoung-hwan, Chairman of South Korea's Financial Services Commission (FSC), stated that the government will take strong measures to prevent virtual assets from becoming loopholes in the anti-money laundering system. He emphasized that with recent frequent cases of virtual assets being used for illegal activities, the government will revise the Foreign Exchange Transaction Act to require virtual asset service providers involved in cross-border transactions to register in advance and report transaction details, preventing virtual assets from being used for illicit fund transfers or tax evasion.
In addition, Kim Byoung-hwan said that regarding financial crimes harming public welfare—such as gambling among minors and illegal stock promotion—the government will go beyond existing monitoring and post-incident investigation mechanisms by establishing more effective preventive systems to cut off criminal funding flows in advance and freeze relevant accounts before funds are transferred.
