South Korea regulator’s plea: Card-free crypto shopping is the way!

January 4, 2024
1 min read

The South Korean Financial Services Commission (FSC) has proposed a ban on using credit cards to purchase cryptocurrency. The regulator is concerned about the “illegal outflow of domestic funds overseas” through card payments on overseas virtual asset exchanges. The FSC has invited comments on the proposal from organizations and individuals until February 13th. Last month, the FSC also proposed rules to protect users of crypto exchanges, requiring exchanges to store at least 80% of customer deposits in cold wallets. Exchanges would also need to pay fees to customers for using their deposits.

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