South Korea Tightens Regulation As 88% Of FX Crimes Involve Crypto
South Korea plans to tighten regulation on cross-border cryptocurrency transactions to curb foreign exchange-related crime, Minister of Economy and Finance Choi Sang-mok announced during a G20 meeting in Washington.
Businesses handling cross-border stablecoin and cryptocurrency transactions will be required to pre-register with authorities and submit monthly transaction reports to the Bank of Korea.
The transaction data will be scrutinized by South Korea’s tax, customs, financial, and international regulatory bodies to identify and prevent illegal activities, including money laundering and illegal arbitrage. According to the Korea Customs Service, about 88% of foreign exchange crimes—totaling around 1.65 trillion won ($1.2…
