South Korea
Digital Asset
Bank of Korea to Receive Reports on Overseas Exchange, Personal Wallet Transactions Under Revised Foreign Exchange Act
- From December 2, the Bank of Korea will receive reports on digital asset transfers via the foreign exchange computer network, covering both domestic exchanges and cross-border transactions with overseas exchanges and personal wallets.
- The new reporting system is being built ahead of the revised Foreign Exchange Transactions Act, which takes effect December 3.
- Virtual asset transfer service providers will be required to report cross-border digital asset transfer transactions involving overseas exchanges and personal wallets, according to editor-in-chief Park Sang-hyeok on 3Protv (October 26).