Regulation & supervision
Korea proposes FX rules to monitor cross-border crypto transfers
APACSource: Ministry of Finance and Economy
- South Korea’s Ministry of Finance and Economy (MOFE) said on 6 October 2026 that it would put out for public comment a proposed amendment to the Enforcement Decree of the Foreign Exchange Transactions Act implementing the 2 June 2026 amendment to the Act on monitoring cross-border virtual asset transfers.
- The decree defines a new virtual asset transfer business covering transfers between domestic and overseas virtual asset service providers and between domestic providers and personal wallets, sets registration requirements, and requires these providers to report transfer information to the Bank of Korea’s FX Information System, shared with the National Tax Service, Korea Customs Service, Financial Supervisory Service and Financial Intelligence Unit.
- Public comments ran from October 7 to October 26, 2026, and the amendments are to be implemented in line with the amended Act’s effective date of December 3, 2026.
Why it matters
Banks that partner with or bank Korean virtual asset service providers should expect cross-border crypto flows, including transfers to personal wallets, to be reported into the Bank of Korea’s FX Information System and shared with tax, customs and AML authorities from 3 December 2026.
Read the original: Ministry of Finance and Economy ↗
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More detail
Who is affected
Virtual asset transfer service providers (transfers between domestic and overseas virtual asset service providers and between domestic providers and personal wallets), money-changing businesses and overseas payment and settlement businesses in South Korea.
Key dates
- MOFE announces proposed amendment to the FX Transactions Act Enforcement Decree
- Public comment period closes (opened October 7)
- Amended Foreign Exchange Transactions Act takes effect; decree amendments to be implemented in line with it
What remains uncertain
- The decree amendment is a proposal; it still goes through regulatory review, Ministry of Government Legislation review and Vice Ministers’ Meeting and Cabinet deliberations.
Key facts
- Event
- Consultation
- Jurisdiction
- APAC
- Source
- Ministry of Finance and Economy (Korea)
- Source tier
- Tier 1 · Regulator / central bank
In the database
Institutions
How we verified this
The source says
“Virtual asset transfer service providers will be required to report information on virtual asset transfers to the FX information concentration agency (the Bank of Korea’s FX Information System).”
“The virtual asset transfer business will cover transfers of virtual assets between domestic and overseas virtual asset service providers, as well as transfers between domestic virtual asset service providers and personal wallets.”
“The information will be shared with and utilized by the National Tax Service, Korea Customs Service, Financial Supervisory Service and Financial Intelligence Unit.”
Verbatim from Ministry of Finance and Economy (Korea).
Sources
- PrimaryMinistry of Finance and Economy (Korea) ↗2026-10-06T1Regulator
Evidence
- Confidence
- Low Quote not yet verified.
- Quote verified
- not yet
- Archived snapshot
- Not archived yet
- Source type
- Primary Ministry of Finance and Economy (Korea) ↗
Change log (1)
- 2026-10-31 Published
AI-assisted: the summary and analysis were drafted with AI from the primary source and checked by the editors. AI-drafted from the primary source; quote string-matched against the live source page.
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