South Korea’s government plans to monitor cross-border crypto transactions to prevent illegal activities. Companies dealing in cross-border crypto transactions will need to register and report these to the Bank of Korea.
New Reporting Rules for Crypto Firms
The new rules will require firms to submit monthly reports detailing transaction data. This is part of a larger effort to combat crypto-related crimes like money laundering and illegal currency exchanges, which account for over 88% of foreign exchange crimes in South Korea.Future Regulations on Digital Assets
South Korea plans to officially implement these rules by late 2025, following amendments to its Foreign Exchange Transactions Act. These updates are part of broader regulations to govern crypto issuance, distribution, and investor protection.
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