SEOUL (Reuters) – South Korea plans to regulate cross-border transactions of virtual assets such as cryptocurrency and will introduce registration and reporting requirements from the second half of 2025, the Finance Ministry said on Friday.
Under the new regulations, companies engaged in cross-border trading of virtual assets will be required to register with authorities in advance and report their transactions to the Bank of Korea on a monthly basis, the ministry said.
Since 2020, a total of 11 trillion won ($7.97 billion) in currency-related crimes have been committed in South Korea, 81.3% of which involved virtual assets, according to customs officials.
The new regulations will come into effect from the second half of 2025 after the legal requirements are met, the ministry said.
($1 = 1,379.7300 won)
