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The South Korean National Assembly passes an amendment to the Foreign Exchange Transactions Act, bringing cross-border transfers of crypto assets into the foreign exchange control system
Golden Finance reports that on May 8, the full session of South Korea’s National Assembly passed an amendment to the Foreign Exchange Transactions Act. The amendment newly defines “virtual asset cross-border transfer services,” requiring exchanges, custodians, and other entities engaged in overseas virtual asset transfer business to register with the Ministry of Economy and Finance. The amendment also reorganizes the professional foreign exchange business system and significantly strengthens penalties for violations, including imprisonment of below 1 year or a fine of below 100 million Korean won.