South Korea
Block Media
Once you've sent coins overseas even a single time... holdings reported monthly to the Bank of Korea
- The reporting manual was obtained by the office of Rep. Park Soo-young (People Power Party) and disclosed on October 23.
- Under the plan, once a user has transferred crypto overseas even a single time, exchanges must report that user's personal information and domestic holdings balance to the Bank of Korea every month.
- The new reporting system is reportedly set to take effect starting December 3, and is officially aimed at detecting illegal foreign exchange transactions, though it has drawn criticism for overly broad data collection.