Add as a preferred source on GoogleSouth Korea to Require Monthly Reports on Users Sending Crypto to Overseas Exchanges, Wallets and Similar Destinations.
Providers must report month-end balances and cross-border flow totals, even when a covered user makes no transfer that month.
South Korea’s central bank, the Bank of Korea, will require virtual asset service providers to report month-end balances for users who have transferred crypto to overseas exchanges, personal wallets and similar destinations under a new monthly rule.
The requirement starts Dec. 2. Providers must file by the 10th of the following month, including when no transfer occurs during a covered month.
Each filing must go to the foreign-exchange information system through the foreign-exchange computer network. It must list the quantity of crypto held at month-end, the holding’s value in South Korean won, and monthly totals for cross-border inflows and outflows. The reports capture both the balance remaining at the end of a month and crypto movements across borders during it.
The reporting baseline is July 19, 2024, when the Virtual Asset User Protection Act took effect. Coverage also includes dormant accounts, delisted assets and assets held in staking.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.