Regulation· ★★★★· bearish·

South Korea to report cross-border crypto transfers to central bank FX network

  • —Reporting covers transfers between domestic and foreign VASPs and between VASPs and personal wallets
  • —Operators must have IT infrastructure and at least two specialists with two years of experience
  • —Voice phishing, illegal trade payments and crypto-based hawala transfers trigger immediate deregistration
  • —Customs can widen inspections to services and capital transactions when violations are found
Why it matters: South Korea is folding crypto into its FX control regime, raising compliance costs and risks for P2P and cross-border transfers.
Source: Bloomingbit
More on this
Regulation · 08:34
South Korea to Require Reporting of Crypto Transfers to Foreign Exchanges and Personal Wallets From Dec. 3
 Regulation · Oct 5
Binance Brazil to Require Counterparty Details for Cross-Border Crypto Transfers From November 1
 DeFi · Sep 22
Payward-backed Reap bets on non-USD stablecoins for 24/7 cross-border FX settlement