South Korea's FSC Chairman: Strong measures will be taken to prevent virtual assets from becoming a "loophole" in the anti-money laundering system

Odaily News Kim Byoung-hwan, Chairman of the Financial Services Commission (FSC) of South Korea, announced that the government will take strong measures to prevent virtual assets from becoming a "loophole" in the anti-money laundering system. At the 18th Anti-Money Laundering Day ceremony, Kim Byoung-hwan stressed that cases of virtual assets being abused for illegal activities are not uncommon. He also added that future revisions to the Foreign Exchange Transactions Act will require virtual asset service providers involved in cross-border transactions to register in advance and report transaction details to ensure that virtual assets are not used for illegal fund transfers or tax evasion.