The FSC has issued a warning against the use of credit cards for gambling on cryptocurrency exchanges offshore and the unlawful outflow of funds.
The South Korean Financial Services Commission (FSC) has expressed concern over the promotion of gambling on international cryptocurrency exchanges using credit card transactions.
According to the statement, “Article 2. Item 1 of the “Act on the Protection of Users of Virtual Assets” specifies that virtual assets are objects of payment ban.”
South Korean individuals using credit cards to buy cryptocurrencies are causing the regulator growing nervousness since it might lead to money laundering or illicit gaming, according to a recent statement. It should be mentioned that gambling is not allowed in South Korea.
This is happening at the same time as BeInCrypto reported that a massive change has occurred in South Korea’s banking industry, with virtual assets dominating overseas accounts to the tune of $100 billion due to the country’s recent crypto spike.
The National Tax Service (NTS) reports that 5,419 individuals and businesses reported ownership of assets via registered offshore accounts this year, with virtual assets accounting for more than two-thirds of the amount.
At the same time, internal crypto reporting for holdings is now mandatory for workers of the FSC in South Korea. This is the second stage of the legislative process.
Nevertheless, the FSC sent an administrative notice to internal staff. This mandated that they disclose their cryptocurrency assets in accordance with the SFIA’s definitions.
This policy refers to people who are presently engaged in responsibilities associated with cryptocurrencies. Also included are workers who have done the tasks in the last six months.
In response to an administrative notice, an FSC official elaborated that the agency aimed to finish the modification in the second half of 2023. Nevertheless, there have been no updates so far.
The form will need information such as the type of cryptocurrency assets owned. Also included are the amount, quantity, and date of purchase.
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