South Korea’s Law and Proposed Rules Focus on Crypto Transfer Reporting

South Korea’s published law and proposed enforcement-decree amendments focus on reporting cross-border virtual-asset transfers, with the law scheduled to take effect Dec. 3 and the proposal’s public-comment period ending Monday, Oct. 26. Act No. 21714, promulgated June 2, adds definitions related to virtual assets and virtual-asset transfer businesses. The law does not establish that stablecoin payments are authorized. The Ministry of Finance and Economy opened the comment period on proposed enforcement-decree changes from Oct. 7 through Monday, Oct. 26. The proposed amendments would require virtual-asset transfer service providers to report transfer information to the Bank of Korea’s foreign-exchange information system.