South Korea mulls letting fintech firms handle overseas crypto transfers

South Korea is considering allowing fintech companies, not just cryptocurrency exchanges, to participate in its upcoming virtual asset overseas transfer business, SBS Biz reported. The new system is scheduled for implementation this December. Authorities are reportedly reviewing whether to expand registration eligibility beyond exchanges. An official from the Bank of Korea explained that there is no need to limit the business solely to Virtual Asset Service Providers (VASPs) if an entity is capable of performing the transfers. The official added that operating the transfer business as defined by law may require registration related to foreign exchange.