South Korea to require reporting of cross-border crypto transfers

Cross-border virtual asset transfer records will be reported to the Bank of Korea’s foreign exchange monitoring system, with the data to be shared with the National Tax Service, the Korea Customs Service, the Financial Supervisory Service and the Financial Intelligence Unit to strengthen oversight of illegal foreign exchange transactions and illicit remittances involving crypto, Digital Times reported. South Korea’s Ministry of Economy and Finance said on Oct. 7 it will pre-announce a revision to the enforcement decree of the Foreign Exchange Transactions Act containing the measure. Virtual asset transfer service providers will be required to notify the Bank of Korea’s foreign exchange monitoring system of relevant transaction details.