End of the line for credit cards: South Korea ditches crypto.

January 4, 2024
1 min read

Traders in South Korea may no longer be able to buy cryptocurrency using credit cards, as the country’s Financial Services Commission (FSC) has proposed amendments to the Enforcement Decree of the Credit Specialized Financial Business Act in order to prohibit this method of purchasing crypto. The FSC is aiming to diversify the financing methods of credit finance companies in an effort to address concerns about illicit outflows of domestic funds and money laundering through crypto exchanges. The regulator is seeking cooperation with international brands to combat these issues. Individuals and businesses are invited to submit their opinions on the proposed changes by February 13.

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