Official announcements from the Bank of Korea or South Korean government reports

South Korea to Require Monthly Reporting for Cross-Border Crypto Trades Amid $8B Forex Crimes

Oct 25, 2024, 03:51 AM

South Korea plans to regulate cross-border virtual asset trade starting in 2025. Both individuals and crypto firms moving cryptocurrencies across borders will be required to register and submit monthly reports to the Bank of Korea. This regulatory move comes as 81.3% of $8 billion in foreign exchange crimes are tied to virtual assets, prompting authorities to tighten controls to curb illicit activities and enhance transparency in the crypto industry.