South Korea
Block Media
Government to Push Bank of Korea Notification for Crypto Transfers to Foreign Exchanges and Personal Wallets, Effective December
- The amendment specifies the scope, registration requirements, and reporting procedures for the 'virtual asset transfer business' created under the June amendment to the Foreign Exchange Transactions Act.
- Virtual asset transfer business is defined to include asset transfers between domestic virtual asset service providers and overseas providers.
- Transfer details to foreign exchanges or personal wallets will be reported to the Bank of Korea's foreign exchange network and shared with the National Tax Service, Korea Customs Service, Financial Supervisory Service, and FIU, with implementation set for December.