The South Korean National Assembly has fully passed the "Foreign Exchange Transactions Act" amendment.

The core of this amendment is: redefining "virtual asset cross-border transfer services" and requiring exchanges and custodians to register with the Ministry of Economy and Finance.

Don't understand? Here's a plain language translation—

From now on, transferring virtual assets from Korea overseas is no longer "casual transfer." You must go through a registered entity and declare it.

Accompanying this are stricter penalties: up to one year in prison or a fine of 100 million won (about 70k RMB). Criminal liability, not just a fine.

This isn't a single law; it's a combination of measures.

Remember that April 21st regulation? The Korean National Tax Service introduced Chainalysis and TRM Labs to track 70 million types of virtual assets across 45 blockchain networks.

That regulation targeted "where the funds went."

Today’s regulation targets "how the money left."

It's a closed loop.

From buying coins to trading, cross-border transfers, and tax declarations—every step is now under regulatory oversight.

Where's the deterrent in a one-year prison sentence?

It's not about how long you serve; it's about the fact that doing crypto business in Korea now carries the "criminal" label hanging over your head.

Impact on ordinary users:

From now on, your cross-border crypto transfers won't be anonymous on-chain anymore. Every withdrawal from a Korean exchange to an overseas wallet will be recorded.

The underlying message of this law is—

Don’t think about bypassing Korea’s foreign exchange controls with cryptocurrencies. The door has already been welded shut. #Gate广场五月交易分享 $SKYAI