Forex News

South Korea to regulate cross-border trade of virtual assets

2024.10.24 21:17

SEOUL (Reuters) – South Korea plans to start regulating cross-border transactions of virtual assets such as cryptocurrency, bringing in registration and reporting requirements from the second half of 2025, the finance ministry said on Friday.

Under the new regulations, businesses dealing with cross-border trade of virtual assets will be required to register with authorities beforehand and report their transactions to the Bank of Korea on a monthly basis, the ministry said.

Since 2020, there have been a total of 11 trillion won ($7.97 billion) worth of foreign exchange-related crimes in South Korea, with 81.3% involving virtual assets, according to the customs agency.

© Reuters. Representations of cryptocurrencies are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration

The new regulations will come into effect from the second half of 2025 after completing legislative requirements, the ministry said.

($1 = 1,379.7300 won)



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 95,083.48 0.96%
ethereum
Ethereum (ETH) $ 3,435.56 3.99%
tether
Tether (USDT) $ 0.99745 0.17%
solana
Solana (SOL) $ 240.00 2.36%
bnb
BNB (BNB) $ 639.64 0.90%
xrp
XRP (XRP) $ 1.43 7.74%
dogecoin
Dogecoin (DOGE) $ 0.406072 1.04%
usd-coin
USDC (USDC) $ 0.997006 0.24%
cardano
Cardano (ADA) $ 0.987437 2.48%
staked-ether
Lido Staked Ether (STETH) $ 3,434.21 3.88%
avalanche-2
Avalanche (AVAX) $ 42.26 7.98%
tron
TRON (TRX) $ 0.197783 2.90%
the-open-network
Toncoin (TON) $ 6.06 0.07%
stellar
Stellar (XLM) $ 0.509861 8.85%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 3.02%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,082.63 4.36%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,071.47 0.82%
polkadot
Polkadot (DOT) $ 8.38 0.42%
chainlink
Chainlink (LINK) $ 17.97 8.66%
weth
WETH (WETH) $ 3,446.30 4.32%
bitcoin-cash
Bitcoin Cash (BCH) $ 501.97 0.34%
sui
Sui (SUI) $ 3.20 2.32%
pepe
Pepe (PEPE) $ 0.000019 1.56%
near
NEAR Protocol (NEAR) $ 6.58 4.19%
leo-token
LEO Token (LEO) $ 8.24 3.70%
litecoin
Litecoin (LTC) $ 94.03 0.61%
uniswap
Uniswap (UNI) $ 11.63 12.95%
aptos
Aptos (APT) $ 12.12 3.18%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,641.67 4.68%
internet-computer
Internet Computer (ICP) $ 11.69 10.76%
usds
USDS (USDS) $ 1.01 0.57%
hedera-hashgraph
Hedera (HBAR) $ 0.136084 2.57%
crypto-com-chain
Cronos (CRO) $ 0.182662 0.25%
ethereum-classic
Ethereum Classic (ETC) $ 30.62 11.21%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.567985 6.87%
render-token
Render (RENDER) $ 7.71 4.43%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
bittensor
Bittensor (TAO) $ 510.79 2.84%
kaspa
Kaspa (KAS) $ 0.149445 0.91%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.44 2.16%
arbitrum
Arbitrum (ARB) $ 0.905406 11.70%
dai
Dai (DAI) $ 0.997224 0.23%
whitebit
WhiteBIT Coin (WBT) $ 23.92 1.16%
celestia
Celestia (TIA) $ 7.88 3.45%
bonk
Bonk (BONK) $ 0.000045 0.65%
vechain
VeChain (VET) $ 0.04153 4.10%
filecoin
Filecoin (FIL) $ 5.53 3.85%
blockstack
Stacks (STX) $ 2.16 12.52%
dogwifcoin
dogwifhat (WIF) $ 3.21 4.56%
okb
OKB (OKB) $ 53.47 1.26%