South Korea Will Regulate Cross-Border Crypto Transactions

According to The Korea Times, the South Korean government is planning to regulate transactions involving virtual assets, including cryptocurrencies.

The new regulations, which are expected to go into effect in the second half of 2025, will require parties involved in cross-border virtual asset trade to register and report their transactions to the Bank of Korea on a monthly basis.

Although the exact details of the proposed regulations have not been disclosed, the Ministry of Finance has announced that all business dealings related to cross-border virtual asset trade will be subject to these new requirements.

However, it is important to note that the legislative process for these regulations is still ongoing and has not been finalized by lawmakers.

South Korea has embraced cryptocurrencies, but their use has also brought about the potential for financial crimes.