The country’s financial regulator is concerned about the outflow of domestic funds overseas.
If everything is aligned, the rule is aimed to be in place by the end of H1 2024.
The South Korean Financial Services Commission (FSC) today (Thursday) published a legislative notice proposing a ban on cryptocurrency purchases using credit cards. If approved, the prohibitory rule will be imposed on the local citizens.
No Crypto on Credit
The highest financial regulator in South Korea proposed the restriction as it is concerned about the illegal outflows of domestic funds out of the country.
“Concerns have been raised about the illegal outflow of domestic funds overseas due to card payments on overseas virtual asset exchanges, money laundering, speculation, and encouragement of speculative activities,” the notice stated. “Accordingly, virtual assets [...] are stipulated as prohibited for payment.”
“In the future, it is expected that a basis for cooperation with international brands will be established and prevention of foreign currency outflow and money laundering will be strengthened.”
The FSC's proposal is now seeking feedback from the public and will be open until 13 February. It has to go through a review and resolution process, and if everything is in place, it will be effective in the first half of the year.
High Crypto Adoption Rate
South Korea is one of the lucrative markets when it comes to cryptocurrencies. The country has a high crypto adoption rate. According to a KuCoin survey, 26 percent of South Korean adults are holding cryptocurrencies.
The country already mandated the identification verification of all users for deposits and withdrawals from local cryptocurrency exchanges. However, these rules do not apply to overseas crypto exchanges targeting the local South Korean population.
South Korea is not the first to explore the restrictions of purchasing cryptocurrencies using credit cards. Earlier, Taiwan already banned the use of credit cards for crypto purchases and even asked banks and credit card companies not to partner with cryptocurrency service providers as merchants.
Meanwhile, several banks occasionally barred their customers holding credit cards from purchasing cryptocurrencies, mainly citing the volatility and risks associated with the asset class.
The South Korean Financial Services Commission (FSC) today (Thursday) published a legislative notice proposing a ban on cryptocurrency purchases using credit cards. If approved, the prohibitory rule will be imposed on the local citizens.
No Crypto on Credit
The highest financial regulator in South Korea proposed the restriction as it is concerned about the illegal outflows of domestic funds out of the country.
“Concerns have been raised about the illegal outflow of domestic funds overseas due to card payments on overseas virtual asset exchanges, money laundering, speculation, and encouragement of speculative activities,” the notice stated. “Accordingly, virtual assets [...] are stipulated as prohibited for payment.”
“In the future, it is expected that a basis for cooperation with international brands will be established and prevention of foreign currency outflow and money laundering will be strengthened.”
The FSC's proposal is now seeking feedback from the public and will be open until 13 February. It has to go through a review and resolution process, and if everything is in place, it will be effective in the first half of the year.
High Crypto Adoption Rate
South Korea is one of the lucrative markets when it comes to cryptocurrencies. The country has a high crypto adoption rate. According to a KuCoin survey, 26 percent of South Korean adults are holding cryptocurrencies.
The country already mandated the identification verification of all users for deposits and withdrawals from local cryptocurrency exchanges. However, these rules do not apply to overseas crypto exchanges targeting the local South Korean population.
South Korea is not the first to explore the restrictions of purchasing cryptocurrencies using credit cards. Earlier, Taiwan already banned the use of credit cards for crypto purchases and even asked banks and credit card companies not to partner with cryptocurrency service providers as merchants.
Meanwhile, several banks occasionally barred their customers holding credit cards from purchasing cryptocurrencies, mainly citing the volatility and risks associated with the asset class.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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