South Korea is further tightening the process for moving crypto assets to overseas platforms, according to BlockBeats. The step follows the removal of Bybit, OKX and other offshore exchange apps from the local Google Play store. Under the latest revision to the enforcement decree of the Special Financial Information Act, Korean trading platforms must now decide whether to approve a transfer based on the risk level of the receiving offshore platform. For transfers to certain overseas exchanges or personal wallets, users may be required to prove the account is registered in their own name and to state the purpose of the transaction along with the source of funds. If the information provided is insufficient, platforms may delay or reject the transfer. Single transactions of 10 million won or more related to such transfers will also be included in the exchanges' own suspicious transaction monitoring systems. The new requirements, introduced under the revised decree, take effect six months after publication.
South Korea is tightening the pipeline for moving crypto assets to overseas platforms, according to BlockBeats. The move follows the removal of Bybit, OKX and other offshore exchange apps from the local Google Play store.
Under the latest revision to the enforcement decree of the Special Financial Information Act, Korean trading platforms will now have to decide whether to approve a transfer based on the risk level of the receiving offshore platform. For transfers to certain overseas exchanges or personal wallets, users may be required to prove that the account is registered in their own name, and to state the purpose of the transaction along with the source of funds. Where the information provided is insufficient, platforms may delay or reject the transfer.
Single transactions of 10 million won or more related to such transfers will also be included in the exchanges' own suspicious transaction monitoring systems. The new requirements take effect six months after publication.
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