South Korea to regulate cross-border virtual asset transactions from 2H 2025, requiring business registration and monthly reports to control market crime.
South Korea will implement regulations for cross-border virtual asset transactions, including cryptocurrency, starting in the second half of 2025. Businesses must register with authorities and submit monthly transaction reports to the Bank of Korea. This move aims to enhance market transparency and control, responding to a rise in foreign exchange-related crimes, 81.3% of which involve virtual assets since 2020. Legislative requirements will be fulfilled prior to implementation.
October 25, 2024
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