'Preventing Virtual Asset Money Laundering'... Representative Choi Eun-seok Proposes Amendment to the Foreign Exchange Transactions Act

An amendment to the 'Foreign Exchange Transactions Act' has been proposed to prevent foreign exchange crimes such as virtual asset (cryptocurrency) money laundering.

According to the industry on the 23rd, Representative Choi Eun-seok of the People Power Party proposed the amendment to the 'Foreign Exchange Transactions Act' on the 20th to reflect changes in the cross-border transaction environment based on virtual assets and fintech technology and to strengthen the stabilization of the foreign exchange market. This amendment includes the establishment of a monitoring system for virtual asset transactions, the institutional foundation for fintech-based foreign exchange services, the enhancement of convenience for everyday foreign exchange transactions for individuals and companies, and the advancement of the foreign exchange monitoring system.

Previously, there have been consistent criticisms that the existing legal framework has not sufficiently encompassed the changed market environment due to the diversification of transaction methods with the development of virtual assets and fintech technology. This amendment aims to address the blind spots in foreign exchange transaction regulations and prevent related illegal transactions.