South Korea to require foreigners to disclose crypto funds in property deals

The South Korean government is significantly strengthening reporting requirements for real estate transactions by foreigners to curb speculative investment, News1 reported. Starting Feb. 10, foreigners will be required to report their residency status and address. The scope for submitting a fund procurement plan will also be expanded to include details of overseas funding, such as foreign deposits, loans, and the names of financial institutions. Additionally, the plan's 'other funding sources' section will now require the disclosure of proceeds from the sale of cryptocurrency, alongside existing requirements for stock and bond sales.