South Korea Takes Steps to Combat Illegal Cross-Border Transfers Linked to Virtual Assets

South Korea's Financial Supervisory Service and Customs Service have entered into a memorandum of understanding with the Credit Finance Association and nine domestic card companies to address illegal cross-border transfers associated with virtual assets. According to NS3.AI, the agreement, signed on March 17, aims to integrate overseas card usage data with immigration records. The initiative is designed to disrupt funding channels for voice phishing and crimes related to virtual assets.