On December 23, according to the Korea Financial Daily, South Korean Congressman Choi Eun-suk proposed an amendment to the "Foreign Foreign Exchange Transaction Act" to prevent virtual asset money laundering and other foreign exchange crimes. 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 the foreign exchange monitoring system. According to data from the Financial Information Unit (FIU), the number of suspicious transaction reports from virtual asset merchants last year increased by 48.8% compared with the previous year. The Ministry of Finance plans to add definitions for 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 the Bank of Korea. The amendment is expected to be implemented in the second half of next year.