SEOUL (Reuters) – South Korea plans to start regulating cross-border transactions in virtual assets such as cryptocurrencies, introducing registration and reporting requirements from the second half of 2025, the finance ministry said on Friday.
The ministry said that under the modern regulations, companies engaged in cross-border trade in virtual assets will be required to register in advance with relevant authorities and report their transactions monthly to the Bank of Korea.
According to the customs agency, there have been 11 trillion won ($7.97 billion) in foreign exchange crimes in South Korea since 2020, of which 81.3% involved virtual assets.
The modern regulations will enter into force from the second half of 2025, after completing the legislative requirements, the ministry said.
($1 = 1,379.7300 won)
