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Crypto World News reports that, according to SBS Biz, South Korea plans to revise the Foreign Exchange Transactions Act to allow exchanges and fintech companies to participate in the virtual asset overseas remittance system expected to launch this December. The amendment will define cross-border virtual asset transfers as "virtual asset transfer services," requiring relevant companies to register with the Office of the Minister of Finance and Economy of South Korea and report information through the Bank of Korea's foreign exchange computer network during transactions.