South Korean Government Cracks Down on Cryptocurrency Transactions

The South Korean government is intensifying efforts to regulate cryptocurrency transactions in a bid to combat illegal activities.

Under a recent revision to the Foreign Exchange Transactions Act, platform operators engaged in cross-border transfer services will be mandated to register with the Ministry of Finance and Economy. This move aims to enhance transparency and prevent evasion of foreign exchange regulations.

The new regulation also requires these operators to report cross-border trading activities to the Bank of Korea, which will then share this information with relevant agencies, including tax and customs authorities.