Bank of Korea Manual Outlines Monthly Crypto Balance Reporting Rules

A Bank of Korea manual obtained by lawmaker Park Soo-young outlines a monthly crypto balance filing that would add asset-level disclosures for South Korea’s cross-border transfer providers.

The FX1021 filing would cover a user after at least one qualifying digital-asset transfer across South Korea’s borders since July 19, 2024. A user with reportable assets would remain in scope during a month with no new transfer.

The FX1021 form adds asset-level detail to the monthly reporting requirement. Providers would report each covered user’s digital-asset quantities and month-end values in Korean won, along with their monthly totals for cross-border inflows and outflows.

The reported balance scope includes dormant accounts, delisted assets and assets committed to staking. A user who closes an account or has no balance would be included in that month’s filing, then omitted from later reports unless a balance returned.

Providers would value holdings at 10:59:59 a.m. EDT (14:59:59 UTC) on the final calendar day of each month during daylight saving time, or 9:59:59 a.m. EST (14:59:59 UTC) during standard time. Reports would be due by 4:30 a.m. EDT (08:30 UTC) or 3:30 a.m. EST (08:30 UTC), respectively, on the 10th of the following month.

The manual lists the reporting start as Dec. 1, 2026, ET (Dec. 2 in South Korea). The amended Foreign Exchange Transactions Act is scheduled to take effect Dec. 2 ET (Dec. 3 in South Korea) and creates a registration framework for virtual-asset transfer businesses.

The Ministry of Finance and Economy has proposed implementation rules covering transfers between domestic and overseas providers and between domestic providers and personal wallets. Public comment on the proposal runs through Monday, Oct. 26, in South Korea.