South Korea to require crypto firms to report overseas transfers from December
- —Registration applies to businesses moving crypto between South Korea and overseas markets
- —Transfer data goes to the Bank of Korea's network, then tax, customs, FSS and FIU
- —Each office needs at least two qualified staff; no minimum equity capital is set
- —Claims that USDT and USDC become official payment instruments are unconfirmed
Why it matters: Upbit, Bithumb and other exchanges face new reporting duties, while cross-border stablecoin transfers fall under formal monitoring.
Source: crypto.news