South Korea tightens oversight of firms moving crypto overseas: report
The Block
South Korea has passed a bill requiring businesses transferring crypto assets across borders to register with the government to increase oversight.Summary
The South Korean National Assembly has passed an amendment to the Foreign Exchange Transactions Act, requiring businesses that facilitate cross-border cryptocurrency transfers to register with the Minister of Economy and Finance. This legislation defines a new category of "virtual asset transfer business" to enable systematic monitoring of international crypto flows. These measures arrive alongside broader regulatory tightening in South Korea, including plans to expand "Travel Rule" requirements to all crypto transactions and the implementation of a 22% tax on crypto gains starting in January 2027.
(Source：The Block)