In its latest move to regulate the crypto sector, South Korea’s Financial Services Commission (FSC) has proposed an amendment to its Credit Finance Act that would ban citizens from buying cryptocurrencies with credit cards. The FSC aims to prevent the “illegal outflow of domestic funds overseas” and restrict speculative behavior. The amendment is expected to undergo review and a voting process, with plans for implementation in the first half of 2024.
This move aligns with South Korea’s broader efforts to regulate the crypto industry and position itself as a global hub for digital assets. Throughout 2023, the country introduced a series of crypto-forward legislation to support this goal.
Citizens have until February 13 to provide feedback on the proposal. South Korea’s FSC has been actively working to protect investors and foster industry growth amidst increasing illicit activities in the crypto space.
