Bank of Korea to Track Cross-Border Crypto Holdings of 1.27 Million Users From December

The Bank of Korea will begin receiving transaction-by-transaction reports from domestic virtual asset service providers on cryptocurrency transfers to overseas exchanges and personal wallets starting December 3, the date the country’s amended Foreign Exchange Transactions Act takes effect. The central bank is building the reporting framework around its foreign exchange computer network, and alongside the daily transfer logs it is introducing a monthly balance-reporting form designated FX1021 that would cover any exchange user with at least one cross-border transfer on record since July 19, 2024 — a pool of 1,272,878 users across South Korea’s five largest exchanges, according to the…