South Korea Passes Foreign Exchange Act Amendment Tightening Oversight of Cross-Border Crypto Transfers

South Korea's National Assembly has approved an amendment to the Foreign Exchange Transaction Act that brings cross-border crypto transfers under tighter supervision. Under the revision, businesses involved in moving crypto assets across borders must register with the Minister of Economy and Finance, a step aimed at improving monitoring of international virtual-asset flows. The amendment creates a new category, "virtual asset transfer business," covering the cross-border transfer of crypto assets linked to buying, selling, or exchanging between South Korea and overseas. The scope includes cryptocurrency exchanges and digital-asset custodians. Separately, reports say the Financial Services Commission plans to apply the Travel Rule to all crypto transactions. South Korea is also set to levy a 22% tax on crypto gains above 2.5 million KRW starting in January 2027.