S. Korea to require disclosure of crypto funds in real estate deals

Beginning in February, homebuyers in regulated areas of South Korea, including Seoul, will be required to disclose proceeds from cryptocurrency sales on their capital procurement plans, Herald Business reported. According to the Ministry of Land, Infrastructure and Transport, the Korea Real Estate Board is in the final stages of updating its systems to reflect the change. Once the updates are complete, an amendment to the Transaction Reporting Act will be submitted to the Cabinet for approval. If passed, the new regulation will be implemented immediately without a grace period.