Search results for Foreign Exchange Transactions Act
Crypto
Government to tighten tracking of cross-border digital asset transfers
The government will centrally manage records of digital assets moved to overseas exchanges or personal wallets through the Bank of Korea’s foreign-exchange information network. The Finance and Economy Ministry said it will issue for public comment an enforcement decree revising the Foreign Exchange Transactions Act. The draft details the scope, registration requirements and reporting duties for virtual asset transfer services and aims to improve monitoring of cross-border flows and detect evasion and illegal transactions faster.
Crypto
DAXA moves for joint response ahead of revised foreign exchange transactions law
The Digital Asset Exchange Alliance (DAXA) said it is supporting domestic virtual asset service providers (VASPs) as South Korea prepares to implement a revised Foreign Exchange Transactions Act on Dec. 3. DAXA held a briefing in Seoul on building a VASP-only foreign exchange reporting network. The revised law requires prior registration for cross-border digital-asset transfers and reporting of transfer details to the Bank of Korea’s foreign exchange system.
Crypto
Countdown to amended Special Financial Information Act puts digital asset industry focus on governance reshuffle
South Korea will implement an amended Special Financial Information Act on Aug. 20, expanding screening of digital asset operators to include major shareholders and governance structures. An enforcement decree allows exceptions when violations are minor or punished under vicarious liability rules, easing some uncertainty around Naver Financial and Dunamu’s share-swap plan. Regulators will also tighten requirements on leverage, creditworthiness and internal controls, likely increasing compliance burdens for smaller operators.
