{"id":145442,"date":"2024-12-24T13:00:27","date_gmt":"2024-12-24T11:00:27","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=145442"},"modified":"2024-12-24T02:42:07","modified_gmt":"2024-12-24T00:42:07","slug":"south-korea-moves-to-tighten-crypto-regulations-with-new-amendment","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/south-korea-moves-to-tighten-crypto-regulations-with-new-amendment\/","title":{"rendered":"South Korea Moves to Tighten Crypto Regulations with New Amendment"},"content":{"rendered":"<p>Sponsored by Choi Eun-Seok of the ruling People Power Party, the amendment aims to combat crypto-related money laundering and foreign exchange crimes by improving transaction monitoring.<\/p>\n<p>Choi believes that the lack of oversight has contributed to the rise in illegal activities and stresses the need for better regulation.<\/p>\n<p>The bill, expected to be reviewed and potentially implemented in 2025, follows a report from the Korean Financial Intelligence Unit (FIU) showing a 48.8% increase in suspicious crypto transactions.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/microstrategy-boosts-bitcoin-holdings-with-561m-investment\/\" title=\"MicroStrategy Boosts Bitcoin Holdings With $561M Investment\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/microstrategy-bitcoin-1024x538-2-240x170.jpg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">MicroStrategy Boosts Bitcoin Holdings With $561M Investment<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>This proposal highlights South Korea\u2019s effort to regulate the crypto market while encouraging innovation, with the government aiming for a balanced approach that addresses security concerns without stifling growth.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korea is working on amending its Foreign Exchange Transactions Act to require virtual asset service providers (VASPs) engaged in cross-border transactions to register and report user transaction details to the Bank of Korea.<\/p>\n","protected":false},"author":7,"featured_media":22406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[25],"tags":[],"class_list":["post-145442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulations"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea Moves to Tighten Crypto Regulations with New Amendment<\/title>\n<meta name=\"description\" content=\"South Korea is working on amending its Foreign Exchange Transactions Act to require virtual asset service providers (VASPs) engaged...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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