South Korean Cross-border Crypto Trading Will Be Tightened in 2025: Report
Key Points:
- The Ministry of Finance will implement South Korean cross-border cryptocurrency transactions regulations in the second half of 2025.
- Businesses handling cryptocurrency transactions must register with authorities and report transaction details to the Bank of Korea monthly.
According to Reuters, the Ministry of Finance announced it would regulate cross-border transactions involving virtual assets and cryptocurrencies in South Korea from the second half of 2025.
Read more: South Korea Considers Spot ETF Ban Lift for Crypto Growth
South Korean Cross-border Transactions Expected to Tighten Starting from 2025
The plan, as led by Economy and Finance Minister Choi Sang-mok during the meeting with G20, Washington, is to impede the foreign exchange crimes related to digital assets, Edaily reported.
Under the new laws, these companies will have to register with the proper authorities and submit the details of such transactions to the Bank of Korea on a monthly basis. This has come into structure under an overall measure to enhance scrutiny and control over South Korean cross-border cryptocurrency transactions, which have now become associated with a grave upsurge in foreign exchange-related crimes.
Regulatory Framework Strengthens Oversight of Digital Assets in South Korea
The country has seen foreign exchange crimes, which have added up to a total of 11 trillion won or about 7.97 billion dollars, since the year 2020. About 81.3% of these crimes have comprised large virtual assets. These statistics call for greater accountability within the digital asset sector, to which the government pays extra attention in terms of regulation.
Apart from the South Korean cross-border transaction regulations, the country intends to implement subsequent measures that are set to standardize the issuance, distribution, and disclosures of cryptocurrencies. Legislative work for this regulation was set in March 2020 when the South Korean National Assembly passed new legislation to regulate and legalize cryptocurrencies and crypto exchanges.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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South Korean Cross-border Crypto Trading Will Be Tightened in 2025: Report
Key Points:
- The Ministry of Finance will implement South Korean cross-border cryptocurrency transactions regulations in the second half of 2025.
- Businesses handling cryptocurrency transactions must register with authorities and report transaction details to the Bank of Korea monthly.
According to Reuters, the Ministry of Finance announced it would regulate cross-border transactions involving virtual assets and cryptocurrencies in South Korea from the second half of 2025.
Read more: South Korea Considers Spot ETF Ban Lift for Crypto Growth
South Korean Cross-border Transactions Expected to Tighten Starting from 2025
The plan, as led by Economy and Finance Minister Choi Sang-mok during the meeting with G20, Washington, is to impede the foreign exchange crimes related to digital assets, Edaily reported.
Under the new laws, these companies will have to register with the proper authorities and submit the details of such transactions to the Bank of Korea on a monthly basis. This has come into structure under an overall measure to enhance scrutiny and control over South Korean cross-border cryptocurrency transactions, which have now become associated with a grave upsurge in foreign exchange-related crimes.
Regulatory Framework Strengthens Oversight of Digital Assets in South Korea
The country has seen foreign exchange crimes, which have added up to a total of 11 trillion won or about 7.97 billion dollars, since the year 2020. About 81.3% of these crimes have comprised large virtual assets. These statistics call for greater accountability within the digital asset sector, to which the government pays extra attention in terms of regulation.
Apart from the South Korean cross-border transaction regulations, the country intends to implement subsequent measures that are set to standardize the issuance, distribution, and disclosures of cryptocurrencies. Legislative work for this regulation was set in March 2020 when the South Korean National Assembly passed new legislation to regulate and legalize cryptocurrencies and crypto exchanges.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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