South Korea’s Ministry of Economy and Finance has opened public consultation on a proposed revision to the Enforcement Decree of the Foreign Exchange Transactions Act, bringing cross-border virtual asset transfer businesses under formal oversight. The proposal would cover transfers between South Korea and overseas markets conducted through custody, management, or intermediary services, as well as related transfers between domestic virtual asset service providers and personal wallets. Operators would be required to register in advance and meet operational standards, including computer systems and at least two qualified staff members. Transfer records would be submitted through the Bank of Korea’s foreign exchange computer network and shared with the National Tax Service, Customs, the Financial Supervisory Service, and the Financial Intelligence Unit to monitor attempts to evade foreign exchange controls or move illicit funds through crypto.
South Korea’s Ministry of Economy and Finance has opened public comment on a proposed revision to the Enforcement Decree of the Foreign Exchange Transactions Act that would place cross-border virtual asset transfer businesses under regulatory oversight.
The proposal covers virtual asset transfers between South Korea and overseas jurisdictions conducted through custody, management, or intermediary services. It also includes related transfers between South Korean virtual asset service providers and personal wallets.
Under the draft, operators would need to register in advance and meet requirements including computer facilities and at least two qualified professionals.
Records of those transfers would be reported through the Bank of Korea’s foreign exchange computer network. The data would then be shared with the National Tax Service, Customs, the Financial Supervisory Service, and the Financial Intelligence Unit for monitoring the use of cryptocurrencies to evade foreign exchange controls and move illicit funds.
The item was published by Techub News and cited Wu Blockchain.
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