South Korea has updated its foreign exchange rulebook to reduce regulatory burdens and support smoother capital flows across borders. The changes, which took effect on July 4, 2023, include raising the evidentiary threshold for overseas remittances from $50,000 to $100,000 per year.
This means Korean residents and businesses wiring money abroad now face documentation requirements only when their annual transfers cross the higher bar. The reporting threshold for large-scale foreign currency borrowing also increased, rising from $30 million to $50 million annually.
The reforms aim to promote the use of the Korean won in international trade and finance. However, they did not touch on cryptocurrency regulations, which remain separate from the foreign exchange framework.