South Korea has proposed requiring virtual-asset transfer providers to report cross-border transfers to the Bank of Korea, with comments due Oct. 26 before a law scheduled to take effect Dec. 3.
The Ministry of Finance and Economy opened consultation Oct. 7 on proposed enforcement-decree amendments. Under the proposal, providers would report transfer details through the Bank of Korea’s foreign-exchange data system.
South Korea promulgated Act No. 21714 on June 2; it defines virtual assets and businesses that transfer them. The ministry’s intended timetable links the amendments to the law’s scheduled Dec. 3 start, pending further procedures.
The measures address cross-border transfer reporting and do not establish authorization for stablecoin payments.
