South Korea to require registration for cross-border crypto transfers

The South Korean government is set to establish a regulatory framework for cross-border fund transfers using virtual assets, The Herald Business reported. On May 26, the Ministry of Economy and Finance announced that a partial amendment to the Foreign Exchange Transactions Act was approved in a cabinet meeting. The bill, which passed the National Assembly on May 7, will be promulgated on June 2 and take effect six months later. Under the new law, businesses involved in sending virtual assets abroad or receiving them in South Korea will be required to register with the ministry beforehand.