On December 23, according to the Korea Financial Daily, South Korean congressman Choi En-suk proposed an amendment to the Foreign Exchange Transactions Law to prevent foreign exchange crimes such as virtual asset money laundering. The amendment proposes to establish a virtual asset transaction monitoring system, improve the institutional foundation of financial technology foreign exchange services, improve the convenience of foreign exchange transactions for individuals and enterprises, and strengthen the intelligent construction of foreign exchange monitoring systems. According to data from the Financial Information Analysis Institute (FIU), the number of suspicious transaction reports from virtual asset merchants increased by 48.8% last year compared with the previous year. The Ministry of Finance plans to add new definition terms for virtual assets and virtual asset merchants next year, and requires virtual asset merchants to register before conducting cross-border transactions and regularly report user transaction records to South Korean banks. The amendment is expected to be implemented in the second half of next year.