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South Korea's National Assembly Passes Amendment Requiring Crypto Transfer Businesses to Register

GateNews
Regulation & Policy

According to Edaily, South Korea’s National Assembly passed an amendment to the Foreign Exchange Transactions Act on Friday (May 1), requiring businesses that transfer crypto assets overseas to register with the Minister of Economy and Finance. The amendment defines a ‘virtual asset transfer business’ as any crypto operation performing transfers between South Korea and foreign countries via sale, purchase, or exchange, including crypto exchanges and digital asset custody companies. The South Korean government will use this legal update to monitor cross-border crypto flows more systematically.

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