South Korea to monitor overseas crypto transfers under new law

Businesses in South Korea that handle overseas transfers of virtual assets will now be required to register with the Minister of Finance and Economy, Edaily reported. The requirement is part of an amendment to the Foreign Exchange Transactions Act, which recently passed a plenary session. The new law aims to ensure financial soundness by bringing cross-border fund movements involving virtual assets, including stablecoins, under the management of the country's foreign exchange authorities. The legislation introduces a formal definition for "virtual asset transfer business" and mandates registration for any entity seeking to send or receive such assets internationally.