On December 23, according to the Korean Financial News, Korean lawmaker Choi Eun-seok proposed a revision of the “Foreign Exchange Transactions Act” aimed at preventing foreign exchange crimes such as money laundering in virtual assets. The revision proposes to establish a monitoring system for virtual asset transactions, improve the institutional basis of financial technology foreign exchange services, enhance the convenience of individual and corporate foreign exchange transactions, and strengthen the intelligent construction of the foreign exchange monitoring system. According to data from the Financial Information Analysis Institute (FIU), the number of suspicious transactions reported by virtual asset merchants last year increased by 48.8% compared to the previous year. The Ministry of Finance plans to add definitions for virtual assets and virtual asset merchants next year, and require virtual asset merchants to register before conducting cross-border transactions and regularly report users’ transaction records to the Bank of Korea. It is expected that this revision will be implemented in the second half of next year.