TechFlow reports, according to the Korea Financial Daily, that South Korean lawmaker Choi Eun-suk introduced an amendment to the Foreign Exchange Transaction Act on December 20, aiming to strengthen regulation of cross-border virtual asset transactions. The bill will establish a virtual asset transaction monitoring system and improve the fintech foreign exchange service framework, with implementation expected in the second half of 2025.
Data shows that over the past four years, more than 80% of foreign exchange-related crimes in South Korea involved virtual assets. In 2023, suspicious transaction reports related to virtual assets rose 48.8% year-on-year, reaching 16,076 cases. The new rules require virtual asset service providers to register for foreign exchange transactions and submit monthly user transaction records to the Bank of Korea, including details such as transaction date, amount, and asset type.
