South Korea
TokenPost
Discussion Over Adjusting Scope of Month-End Balance Reporting... Ministry of Economy and Finance Denies Review of Education Tax
- The Bank of Korea is reviewing whether to narrow the scope of users subject to month-end domestic balance reporting, limiting it to cross-border transfers made after the relevant law took effect.
- The adjustment aims to balance reducing the compliance burden on digital asset businesses (exchanges) against maintaining effective monitoring of illegal foreign exchange transactions.
- The initial draft manual required exchanges to report monthly on the domestic balances of any user with at least one cross-border transfer since July 19, 2024; separately, the Ministry of Economy and Finance denied reports that it is considering an education tax on digital asset businesses.