South Korea Approves FX Law Revision to Tighten Oversight of Cross-Border Crypto Transfers

South Korea's National Assembly has passed an amendment to the Foreign Exchange Transaction Act aimed at strengthening supervision of cross-border cryptocurrency movements, The Block reported. Under the revised rules, firms involved in cross-border transfers of crypto assets must register with the Minister of Planning and Finance. The amendment also introduces a new category of "virtual asset transfer business," covering cryptocurrency exchanges and digital-asset custodians. Separately, the Financial Services Commission plans to apply the Travel Rule across all crypto transactions. The regulator also intends to levy a 22% tax on crypto gains above 2.5 million Korean won, starting in January 2027.