South Korea’s Financial Regulator Proposes Restriction on Crypto Purchases with Credit Cards

South Korea’s Financial Services Commission (FSC) has proposed an amendment to the credit finance act, aiming to prohibit citizens from using credit cards for cryptocurrency purchases. The amendment intends to limit local traders from buying cryptocurrencies on foreign exchanges to address concerns about illegal fund outflows, money laundering, and speculative behavior. The FSC is seeking public feedback on the proposal until February 13, with plans for review and voting in the first half of 2024. This move aligns with previous regulatory measures in South Korea, including the requirement for real-name verified accounts for crypto trading on local exchanges. (Source: The Block)