On December 3, amendments to South Korea’s Foreign Exchange Transactions Act officially took effect, imposing strict requirements on virtual asset service providers. Under the new rules, providers must report detailed information for each cross-border transfer of crypto assets by 11:00 a.m. on the next business day after the transaction, including the time, asset type and amount, value in Korean won, fees, and information about the sender and recipient. In addition, by 5:30 p.m. on the 10th of each month, providers must submit an FX1021 monthly balance report detailing each user’s month-end holdings and balance in Korean won, as well as cross-border inflows and outflows during the month. The report must cover dormant accounts, delisted assets, and staked assets. Direct transfers between personal wallets do not need to be reported. The lookback baseline is users who have made at least one cross-border transfer since July 19, 2024, covering approximately 1.273 million people. These data will be shared with the National Tax Service, Korea Customs Service, Financial Supervisory Service, and Korea Financial Intelligence Unit. Authorities are currently considering moving the start date back to December 3. #韩国 #加密监管 #Foreign Exchange Transactions Act