South Korea tightens control over cryptocurrencies

At the G20 meeting in Washington, the Minister of Korea announced that companies conducting cross-border transactions with stablecoins and cryptocurrencies must register with regulators and provide monthly data on their transactions to the country's bank.

Transparency is the foundation of security

Companies engaged in international cryptocurrency operations must register with government authorities and provide monthly transaction data to the Bank of Korea.

Changes on the horizon

According to new amendments, virtual assets and cryptocurrency operators will be classified as a separate category, distinct from foreign currencies and other financial instruments. Legislative changes are expected to be completed by mid-2025, with the launch of the reporting system potentially occurring in the second half of the same year.

In an effort to develop the retail sector of electronic means, the Financial Services Commission is considering revising the ban on ETFs for cryptocurrencies.

The country is preparing for significant changes in cryptocurrency regulation aimed at increasing transparency and security.