Overview

• South Korea's Financial Services Commission (FSC) is proposing to ban the use of credit cards to purchase cryptocurrencies, aiming to curb illegal fund outflows and speculation.
• The proposed amendment to the Credit Finance Act could be implemented in the first half of 2024.
• The FSC has invited public feedback on the proposal until February 13.
• South Korea's stricter regulatory approach contrasts with the U.S.'s more cautious approach, potentially setting a precedent for other nations grappling with the challenges posed by the crypto market.
• Meanwhile, Nigeria's Central Bank has issued new guidelines allowing virtual asset service providers to open bank accounts, marking a shift in the country's regulatory approach towards crypto.