The South Korean National Assembly passed an amendment to the Foreign Exchange Transactions Act, bringing cross-border transfers of crypto assets under the foreign exchange management system.

CoinFeed reported on May 8th that, according to Edaily, the South Korean National Assembly passed an amendment to the Foreign Exchange Transactions Act, requiring companies engaged in cross-border transfers of virtual assets to register with the Ministry of Finance and Economy, and bringing the cross-border flow of virtual assets such as stablecoins under the management of foreign exchange authorities. The amendment redefined "virtual asset transfer business," covering the transfer of virtual assets between South Korea and foreign countries through buying, selling, and exchanging. Virtual asset exchanges and custodian institutions are also included in the registration scope. The amendment also restructured the foreign exchange business system, integrating existing currency exchange and small-amount overseas remittances into "ordinary currency exchange business" and "overseas payment and settlement business." For violations of foreign exchange transaction procedures aimed at obtaining improper profits, the penalties have been increased from fines of up to 50 million won to imprisonment for up to one year or a fine of up to 100 million won.