South Korea has taken a significant step in regulating cryptocurrencies by joining forces with its Financial Supervisory Service (FSS), Customs Service, and credit card companies. The coalition aims to crack down on 'currency exchange' activities involving the use of overseas credit cards to withdraw cash from ATMs abroad and laundering money through cryptocurrencies.
The FSS has signed a Public-Private Partnership Agreement to Block Transnational Criminal Funds with nine credit card companies in South Korea. This agreement will enable real-time monitoring of abnormal overseas spending, allowing for more effective prevention of financial crimes.