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South Korea Proposes to Ban Credit Card Payments for Crypto

South Korea

South Korea’s financial regulator is concerned that its citizens’ purchases of crypto from exchanges via credit cards could pose risks of illicit capital outflows and money laundering.

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South Korea’s leading financial regulator is considering banning local citizens from buying cryptocurrency with credit cards by proposing to change the country’s credit financing laws.

In a legislative announcement dated January 3, the Financial Services Commission (FSC) of South Korea expressed its concerns that the country’s citizens’ shift from fiat currencies to crypto could potentially create risks of illicit capital outflows and money laundering.

The FSC said, “Concerns have been raised about the illegal outflow of overseas funds due to card payments at overseas virtual asset exchanges, as they encourage money laundering, speculation, and speculative activities.” “Accordingly, virtual assets have been stipulated as prohibited for payment.”

South Korea
X post from the South Korean Financial Services Commission. Source: X

Under current laws, local crypto exchanges allow transactions between virtual assets through deposit and withdrawal accounts where the user’s identity can be approved. However, according to local outlet Yonhap, these rules do not apply to foreign crypto exchanges.

The financial services regulator is now seeking public feedback on a proposal that will run until February 13. This process, which will run until February 13, will go through a review stage and is targeting implementation in the first half of 2024.


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