South Korean regulator proposes restrictions on citizens using credit cards to buy cryptocurrencies

On January 4th, The Block reported that the Financial Services Commission (FSC), South Korea's top financial regulatory agency, proposed amendments to its credit finance bill today, aimed at banning domestic citizens from using credit cards to purchase cryptocurrencies on foreign exchanges. The FSC stated that this decision was made out of concerns about illegal outflows of domestic funds, money laundering, and speculative behavior.