( May 26, 2026, 05:46 GMT | Official Statement) -- MLex Summary: South Korea will implement new monitoring requirements for cross-border virtual-asset transfers six months after revisions to the Foreign Exchange Transactions Act are promulgated on June 2. According to the Ministry of Finance and Economy, the amendments, approved by the cabinet on Tuesday, will require virtual-asset service providers handling such transfers to register in advance with the finance minister and report transfer details through the Bank of Korea’s foreign-exchange network. That information will be shared with tax, customs, financial-supervision and anti-money-laundering authorities for investigations into illegal transactions, while violations of registration, reporting or inspection obligations will be subject to sanctions similar to those imposed on existing foreign-exchange institutions.Statement is attached (in Korean)....
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