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The Bank of Korea told the National Assembly that overseas-issued crypto cards could be used to evade oversight of fund transfers and tax-related regulations, The Herald Business reported.
According to materials the central bank submitted to the office of Rep. Kim Nam-jun of the National Assembly’s Planning and Finance Committee and obtained by The Herald Business on Oct. 30, the Bank of Korea said such cards could serve that purpose when linked to virtual assets held in personal e-wallets or on overseas exchanges and used for payments. The central bank also told the National Assembly there is a legal gap in requiring related data from overseas operators.