Republic of Korea: Announced amendment to Act related to voice phishing to include cryptocurrencies phishing schemes
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Description
Announced amendment to Act related to voice phishing to include cryptocurrencies phishing schemes
On 28 February 2023, the South Korean Financial Services Commission (FSC) announced that amendments to the “Telecommunications Fraud Damage Reimbursement Act” would be introduced in April 2023 to allow existing legal relief for phishing schemes to be expanded to include cryptocurrencies and mobile payment systems. In particular, fraudulent accounts will be able to be frozen on crypto exchanges and in order to carry out relief procedures.
Original sourceScope
Policy Area
Other operating conditions
Policy Instrument
User/subject right
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body