SEOUL (Reuters) – South Korea plans to start out regulating cross-border transactions of digital property equivalent to cryptocurrency, bringing in registration and reporting necessities from the second half of 2025, the finance ministry mentioned on Friday.
Below the brand new laws, companies coping with cross-border commerce of digital property shall be required to register with authorities beforehand and report their transactions to the Financial institution of Korea on a month-to-month foundation, the ministry mentioned.
Since 2020, there have been a complete of 11 trillion gained ($7.97 billion) price of overseas exchange-related crimes in South Korea, with 81.3% involving digital property, in accordance with the customs company.
The brand new laws will come into impact from the second half of 2025 after finishing legislative necessities, the ministry mentioned.
($1 = 1,379.7300 gained)