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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.

AI & Enterprise

National AI Strategy Committee discusses government-wide AI legislative framework centred on AI Basic Law

South Korea\'s National AI Strategy Committee will set a government-wide legislative direction centred on the AI Basic Law to meet rising demand for AI-related legislation after the law takes effect. It discussed a draft AI legislative framework at its fifth Chief AI Officer meeting in Seoul on Oct. 2. The framework sets four basic directions, including closing defence and security legislative gaps and improving predictability for businesses. Officials also reviewed preparations for the \'AI for Everyone\' service due for formal nationwide launch in December.

Crypto

Token securities OTC trading capped at 10 million won a year; stocks, bonds and funds issuance allowed

South Korean financial authorities set a retail investor limit for token-securities over-the-counter trading ahead of the system’s launch in February next year, capping annual net purchases at 10 million won per exchange. The scope of token-securities issuance will expand from fractional investment securities to include conventional securities such as stocks, bonds and funds. Regulators will also broaden licensing categories for OTC venues and spell out registration requirements for issuer account managers and distributed ledgers.