SEOUL: South Korea plans to start out regulating cross-border transactions of digital belongings reminiscent of cryptocurrency, bringing in registration and reporting necessities from the second half of 2025, the finance ministry mentioned on Friday (Oct 25).
Beneath the brand new rules, companies coping with cross-border commerce of digital belongings will probably be required to register with authorities beforehand and report their transactions to the Financial institution of Korea on a month-to-month foundation, the ministry mentioned.
Since 2020, there have been a complete of 11 trillion received (US$7.97 billion) price of overseas exchange-related crimes in South Korea, with 81.3 per cent involving digital belongings, in accordance with the customs company.
The brand new rules will come into impact from the second half of 2025 after finishing legislative necessities, the ministry mentioned.
