On December 23rd, according to the Korea Financial Daily, South Korean lawmaker Choi Eun-suk proposed an amendment to the Foreign Exchange Transaction Law, which aims 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 fintech foreign exchange services, improve the convenience of foreign exchange transactions for individuals and enterprises, and strengthen the intelligent construction of the foreign exchange monitoring system. According to data from the Financial Information Analysis Unit (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 definitions of virtual assets and virtual asset merchants next year, and requires virtual asset merchants to register before conducting cross-border transactions, and regularly report users' transaction records to Korean banks. The amendment is expected to be implemented in the second half of next year.