South Korea Enhances Oversight on International Cryptocurrency Transactions

The South Korean government is taking steps to enhance monitoring of international cryptocurrency transfers in a bid to combat illicit activity.

Under revisions to the Foreign Exchange Transactions Act, cryptocurrency platforms engaged in cross-border transactions will be required to register with the Ministry of Finance and Economy.

This registration requirement is intended to bolster the integrity of the foreign exchange market and mitigate risks associated with increasing cross-border virtual asset trading.