South Korean regulators propose to restrict citizens from using credit cards to purchase cryptocurrencies

ChainCatcher news, South Korea's top financial regulator, the Financial Services Commission (FSC), today proposed amendments to its Credit Finance Act, aimed at prohibiting domestic citizens from using credit cards to purchase cryptocurrencies on overseas trading platforms.

In response, the FSC stated that this decision is driven by concerns over illegal outflow of domestic funds, money laundering, and encouraging speculative behavior.