South Korea's financial regulator, the Financial Services Commission (FSC), has made a proposal aimed at amending the credit finance law in order to ban South Korean users from buying cryptocurrencies with credit cards.
The initiative is reportedly aimed at limiting the purchase of cryptocurrencies on foreign cryptocurrency platforms.
The regulator has said concerns about illegal outflows of domestic funds, money laundering and encouraging speculative behavior have led it to make the decision.
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The amendment, which will be open for public opinion until February 13, is expected to be implemented during the first half of 2024.
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An amendment made back in 2021 to the financial information law obliges South Korean crypto users to operate withdrawal and deposit accounts on local platforms, verified with their real names.