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    <p>Traders in South Korea could be prevented from buying crypto with credit cards under new proposals submitted by the country’s finance regulator in a bid to counter illicit activity.</p>
    <p>Yesterday, South Korea’s Financial Services Commission (FSC) submitted a plan to “diversify the financing methods of credit finance companies.” The proposal aims to address concerns about illegal outflows of domestic funds, made possible via crypto exchanges and speculative activities.</p>
    <p>To do this, the FSC suggested that the Enforcement Decree of the Credit Specialized Financial Business Act should be amended and that <strong><a rel="noopener noreferrer nofollow" title="credit" href="https://thebittimes.com/tag/credit.html">credit</a> card purchases of <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> should be prohibited</strong>.</p>
    <p>The regulator said it expects “cooperation with international brands” which will reportedly help stop the illicit use of currency overseas and in money laundering. Businesses and individuals with opinions on the proposed changes have been asked to submit their thoughts to the Center for Participatory Legislation by February 13.</p>
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       South Korea plans to bolster cybersecurity and seize North’s crypto
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“South Korea plans to bolster cybersecurity and seize North’s crypto” — Protos" src="https://protos.com/south-korea-plans-to-bolster-cybersecurity-and-seize-norths-crypto/embed/#?secret=BW48RPXr6s#?secret=DuOLLC19jj" data-secret="DuOLLC19jj" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p><em>Read more: South Korea’s democratic party candidates will disclose crypto bags to nation</em></p>
    <p>According to the <a rel="noopener noreferrer nofollow" title="South Korea" href="https://thebittimes.com/tag/south-korea.html">South Korea</a>n Yunhap News Agency, local users looking to trade with <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> must do so using a deposit and withdrawal account that <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> identity verification. Overseas <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> exchanges however are not subject to this requirement.&nbsp;</p>
    <p>In December, the FSC’s vice chief said that authorities will <strong>strike a balance between investor protection and technological innovation</strong> as they continue to regulate crypto.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/buying-crypto-with-credit-cards-may-be-scrapped-in-south-korea-tbt75598.html">https://thebittimes.com/buying-crypto-with-credit-cards-may-be-scrapped-in-south-korea-tbt75598.html</a></p>

Buying crypto with credit cards may be scrapped in South Korea

TheBitTimes

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