South Korea Will Regulate Cross-border Transactions with Digital Assets
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The finance ministry of South Korea has announced plans to regulate cross-border transactions involving virtual assets, specifically cryptocurrency.
The new regulations, set to be implemented in the second half of 2025, will require businesses engaged in such transactions to register with authorities and report their activities to the Bank of Korea on a monthly basis.
The move comes as a response to the increased involvement of virtual assets in foreign exchange-related crimes, with 81.3% of cases in South Korea involving virtual assets in 2020.
The regulations will only take effect after completing legislative procedures.
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