South Korea's Financial Services Commission Chairman Kim Byeong-hwan announced plans to strengthen regulations on virtual assets by amending the Foreign Exchange Transactions Act, requiring virtual asset operators handling cross-border transactions to register and report their activities.
The announcement came during the 18th Anti-Money Laundering Day ceremony in Seoul, which was attended by approximately 200 officials from law enforcement and financial institutions. The government is particularly focused on combating crimes that affect people's livelihoods, including youth gambling and illegal reading rooms, with plans to implement early-stage account blocking and freezing systems. Law enforcement agencies, including the Supreme Prosecutors' Office, are intensifying their efforts through a Joint Investigation Team to tackle virtual asset-related crimes, as criminal organizations have increasingly turned to professional money laundering operations using various methods such as cryptocurrencies and gift certificates.


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