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South Korea's Foreign Exchange Transaction Act Amendment Approved, Expected to Take Effect in December

GateNews
Regulation & Policy
According to remarks made on May 27 by Shim Won-tae, director of the Financial Services Commission's virtual asset division, South Korea's cabinet approved amendments to the Foreign Exchange Transaction Act on May 26, with implementation scheduled for December. The official stated the amendments provide a foundation for allowing corporations to participate in the digital asset market. Under the revised law, service providers handling cross-border digital asset transfers must register with the Ministry of Finance and Economy and report transfer details to the Bank of Korea's foreign exchange system, enabling coordination among tax authorities, the Financial Supervisory Service, and the Financial Intelligence Unit for monitoring and compliance purposes.
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