South Korea Announces Crackdown on Crypto-Based Money Laundering

South Korea’s Financial Services Commission (FSC) is taking a stronger stance against virtual assets being used for money laundering.

FSC Chairman Kim Byung-hwan announced plans to amend foreign exchange laws. Requiring operators involved in cross-border transactions to register and report asset details. This move aims to prevent virtual assets from enabling currency manipulation and tax evasion.

Authorities are also focused on combating crimes like youth gambling and illegal activities linked to anonymous virtual assets, citing concerns about the “Kimchi premium” attracting illicit actors. The FSC plans to enhance measures to block criminal funds early and improve asset confiscation.

Clever Robot News Desk 5^th December 2024