The Bank of Korea will require virtual asset transfer service providers to file monthly reports to the country’s foreign exchange information system starting Dec. 2, according to Digital Asset. The reporting duty covers month-end holdings of users who have transferred crypto assets across borders to overseas exchanges, personal wallets and similar destinations since July 19, 2024. Providers must submit reports even in months when no cross-border transaction takes place. Required data includes token amounts held, balances converted into Korean won, and total cross-border inflows and outflows for the month. Dormant accounts, delisted assets and staked assets are also included in the reporting scope. Filings must be submitted by 17:30 on the 10th day of the following month. It has not yet been determined whether firms will also need to retroactively submit records of cross-border transfer transactions made before the system takes effect.
According to Digital Asset, the Bank of Korea will require virtual asset transfer service providers to submit monthly reports to the foreign exchange information system starting Dec. 2.
The requirement covers month-end holdings of users who have made cross-border crypto asset transfers to overseas exchanges, personal wallets and similar destinations since July 19, 2024. Reports must be filed even if no cross-border transaction occurred during the month.
Required disclosures include the amount of assets held, balances converted into Korean won, and total monthly cross-border inflows and outflows. Dormant accounts, delisted assets and staked assets are also included. Reports must be submitted by 17:30 on the 10th day of the following month.
It has not yet been determined whether firms will be required to retroactively submit records for cross-border transfer transactions made before the system is implemented.
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