⚖️ South Korea🇰🇷 introduces mandatory registration for cross-border cryptocurrency transfers

⚖️ South Korea🇰🇷 introduces mandatory registration for cross-border cryptocurrency transfers

Starting December 3, 2026, providers of cross-border cryptocurrency transfer services will be required to register and report their transactions.

⚫️ The new requirements stem from amendments to the Foreign Exchange Transactions Act, adopted in May 2026, which establish a new category of businesses required to register when transferring virtual assets. The public consultation on the regulations ran until October 26. The draft must still undergo a review before being submitted to the Cabinet.

⚫️ The legislation will cover both transfers between South Korean and foreign cryptocurrency service providers and transactions between exchanges and non-custodial wallets. Operators will be required to register with the Ministry of Finance, connect to the Bank of Korea's information network for foreign exchange transactions, maintain records of transfers, and submit reports on virtual asset movements.

⚫️ The collected data may be shared with tax and customs authorities, as well as financial supervisory and financial intelligence agencies. The regulations also provide for tougher penalties for illegal transfers, phishing, phone scams, and fictitious payment transactions.

⚫️ Background: in August 2026, South Korea tightened its anti-money laundering requirements for transactions involving foreign cryptocurrency exchanges. In early October, the country's Financial Intelligence Unit blocked access to the websites and mobile applications of cryptocurrency exchanges and service providers operating without registration in the country. Violators face up to 5 years in prison or fines of up to USD 37,000.

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