Bank of Korea plans monthly balance reports for users with cross-border crypto transfers
- —Transfer reports due by 11:00 the next day, including resident registration numbers
- —Monthly balance reporting would cover 1,272,878 users at the five largest exchanges
- —Rules tied to the amended Foreign Exchange Transactions Act taking effect Dec. 3
- —The Bank of Korea calls the manual a draft and says the scope is being adjusted
Why it matters: If adopted as drafted, the rules would add heavy reporting burdens for Korean exchanges and put client privacy at the center of a legal fight.
Source: Blockmedia
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