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Deep Tide TechFlow News, May 8th, according to The Block, the Korean National Assembly has passed an amendment to the Foreign Exchange Transactions Act, requiring companies engaged in cross-border inbound and outbound crypto asset transactions to register with the Minister of Planning and Finance to strengthen systematic regulation of cross-border crypto asset flows.
The amendment adds a new definition of "virtual asset transfer business," covering activities that transfer crypto assets between Korea and overseas through buying, selling, or exchanging, including cryptocurrency exchanges and digital asset custody companies.
Additionally, it is reported that the Korea Financial Services Commission plans to expand the Travel Rule to all crypto transactions; Korea also plans to impose a 22% tax on crypto asset gains exceeding 2.5 million Korean won starting from January 2027.