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South Korea's National Assembly Passes Crypto Asset Transfer Bill, Requires Business Registration

GateNews
Regulation & Policy

According to Edaily, South Korea’s National Assembly passed an amendment to the Foreign Exchange Transactions Act during its plenary session on Friday. The amendment requires entities seeking to transfer crypto assets overseas as a business to register with the Minister of Economy and Finance. The law defines a “virtual asset transfer business” as any crypto asset business performing transfers between South Korea and foreign countries via sale, purchase, or exchange, including crypto exchanges and digital asset custody companies.

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