The new framework strengthens monitoring of crypto flows to reduce illicit activity while aligning the country with global regulatory standards.
South Korea has advanced a major regulatory shift by passing a bill that extends the Foreign Exchange Transactions Act to cover virtual asset service providers. The decision introduces mandatory registration for firms facilitating cross-border crypto transactions, including exchanges and wallet operators.
The new framework establishes formal oversight of virtual asset transfers between South Korea and other jurisdictions. Authorities will gain enhanced monitoring powers over transaction flows, with a focus on improving transparency and reducing risks linked…
