WuBlockchain has learned that on October 7, South Korea’s Ministry of Economy and Finance opened a public consultation on amendments to the Enforcement Decree of the Foreign Exchange Transactions Act, seeking to clarify the scope of regulation for “virtual asset transfer businesses.” Transfers of virtual assets between South Korea and other countries conducted through custody, management, intermediary services, and other means, as well as related transfers between South Korean VASPs and personal wallets, will be covered. Operators will be required to register in advance and meet requirements including having computerized facilities and at least two qualified professionals. Records of relevant virtual asset transfers will in the future be submitted through the Bank of Korea’s foreign exchange information system and may be shared with agencies such as the National Tax Service, Korea Customs Service, Financial Supervisory Service, and Financial Intelligence Unit (FIU), to monitor the use of crypto to evade foreign exchange regulations and facilitate illicit fund transfers.