South Korea is tightening the process for moving digital assets to overseas platforms, following the removal of apps from Bybit, OKX and other overseas crypto exchanges from local Google Play. The country's latest move comes through an amendment to the enforcement decree of the Act on Reporting and Using Specified Financial Information, which introduces a risk-based approach to outbound transfers. Under the updated rules, Korean trading platforms will need to classify overseas platforms by risk and decide on that basis whether to permit transfers. For transfers involving certain overseas exchanges or personal wallets, users can be asked to demonstrate that the account belongs to them, explain the purpose of the transaction, and disclose the source of funds. If the required information is not supplied, platforms may hold or refuse the transfer. In addition, any related transaction that reaches 10 million won or more will be picked up by exchanges' internal suspicious transaction monitoring systems, which are designed to flag unusual activity. The new requirements will take effect six months after the amended decree is published.
South Korea is tightening the process for moving crypto assets to overseas platforms, following the removal of apps from Bybit, OKX and other foreign crypto exchanges from the local Google Play store.
Under the latest amendment to the enforcement decree of the Act on Reporting and Using Specified Financial Information, Korean trading platforms must decide whether to allow transfers based on the risk level of each overseas platform. For transfers to certain overseas exchanges or personal wallets, users may be asked to prove they own the account, explain the purpose of the transaction, and disclose the source of funds. If the information is insufficient, platforms can delay or reject the transfer.
Related single transfers of at least 10 million won will also be included in exchanges' own suspicious transaction monitoring systems. The new rules take effect six months after the amendment is published.
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