South Korea Passes Bill to Tighten Oversight of Overseas Crypto Transfers

South Korea’s National Assembly passed an amendment to the Foreign Exchange Transactions Act to tighten oversight of businesses moving crypto assets overseas. The bill will require firms that transfer crypto to or from overseas as a business to register with the Minister of Economy and Finance. The amendment defines a virtual asset transfer business to include exchanges and digital asset custody companies involved in cross-border crypto sales, purchases, or exchanges. The move adds to a broader regulatory push that includes plans to expand Travel Rule coverage beyond transfers above 1 million won ($681.3).