SEOUL (Reuters) – South Korea plans to begin regulating cross-border transactions of digital belongings resembling cryptocurrencies, introducing registration and reporting necessities from the second half of 2025, the Finance Ministry stated on Friday .
Beneath the brand new rules, corporations concerned in cross-border buying and selling of digital belongings will likely be required to register with authorities prematurely and report their transactions to the Financial institution of Korea on a month-to-month foundation, the ministry stated.
Since 2020, there have been a complete of 11 trillion gained ($7.97 billion) in international exchange-related crimes in South Korea, 81.3% of which concerned digital belongings, in line with the customs company.
The brand new rules will come into pressure from the second half of 2025 after assembly legislative necessities, the ministry stated.
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