FSC Chairman in South Korea: Strong measures will be taken to prevent virtual assets from becoming 'loopholes' in anti money laundering systems

According to Yonhap News Agency, 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 "loopholes" in the anti money laundering system. At the 18th Anti Money Laundering Day ceremony, Kim Byoung hwan emphasized that cases of virtual assets being misused for illegal activities are not uncommon. He also added that future revisions to the Foreign Exchange Trading Law 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.