South Korean committee passes bill to regulate crypto under forex law

An amendment to South Korea's Foreign Exchange Transactions Act that brings virtual asset service providers (VASPs), including crypto exchanges, under its regulatory scope has passed the Finance and Economy Committee. The bill mandates that any business wishing to offer 'virtual asset transfer services' must register with the Minister of Finance and Economy, establishing a formal monitoring system. It also provides a legal basis for revoking the registration of specialized foreign exchange business operators. The newly defined 'virtual asset transfer services' refer to the transfer of virtual assets between South Korea and other countries through activities such as buying, selling, exchanging, or other actions to be specified by a presidential decree.