Regulation· ★★★★· neutral·

South Korea to Require Reporting of Crypto Transfers to Foreign Exchanges and Personal Wallets From Dec. 3

  • —Reporting takes effect Dec. 3 alongside amendments to the Foreign Exchange Transactions Act
  • —Firms must notify the Bank of Korea of transfers to foreign exchanges and personal wallets
  • —Data will be shared with the tax service, customs, FSS and FIU to flag illegal transfers
  • —Registered operators must have IT infrastructure and at least two qualified specialists
Why it matters: South Korea is folding crypto transfers into its foreign exchange controls, boosting transparency while making cross-border withdrawals harder.
Source: TokenPost
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