South Korea Considers Allowing Exchanges and Fintech Companies to Participate in Virtual Asset Overseas Remittance System

CoinFeed June 19 news, according to South Korean media SBS Biz, South Korea is considering allowing various parties, including exchanges and fintech companies, to participate in the upcoming virtual asset overseas remittance business system. The system is expected to be implemented in December this year. Relevant sources revealed that the government has recently begun drafting implementation rules for a partial revision of the Foreign Exchange Transactions Act and is reviewing registration requirements for virtual asset transfer businesses. The core of the amendment is to bring cross-border virtual asset transfers under the regulatory framework of the Foreign Exchange Transactions Act, defining them as 'virtual asset transfer business'. Enterprises intending to engage in virtual asset transfer business must register with the Minister of Economy and Finance of South Korea and report relevant information through the Bank of Korea's foreign exchange computer network when cross-border transfer transactions occur.