Republic of Korea: Closed Public Consultation on the Amendment of the Enforcement Decree of the Specialized Credit Financial Business Act

On 13 February 2024, the Financial Services Commission of the Republic of Korea closed its consultation on the amendment of the "Enforcement Decree of the Specialized Credit Financial Business Act". The amendment aims to diversify the funding methods of specialised credit financial companies and includes provisions on the prohibition of credit card payments to overseas virtual asset exchanges. The FSC noted that domestic cryptocurrency exchanges adhere to regulations that restrict transactions between virtual assets to deposit and withdrawal accounts, requiring user identity verification. However, these regulations do not extend to foreign cryptocurrency exchanges.