South Korea to require crypto firms to report overseas transfers from December

South Korea has moved closer to introducing mandatory registration and foreign exchange reporting for cryptocurrency transfers, with new rules scheduled to take effect on December 3, 2026. Summary South Korea’s amended foreign exchange law takes effect December 3, introducing registration for cross-border crypto transfer businesses. The proposed rules cover transfers between cryptocurrency exchanges and private wallets, with reporting to the Bank of Korea. Officials have not confirmed that USDT and USDC will become formally recognized payment instruments under this amendment. Crypto businesses must prepare reporting systems and qualified staff, with public comments on the draft closing October 26. Upbit, Bithumb and other service providers could face new obligations depending on their cross-border transfer activities. According to the Ministry of Finance and Economy’s October 7 legislative notice, the proposed regulations will bring cross-border virtual asset transfers under a formal monitoring system, including transactions involving exchanges and private wallets. The government is accepting public comments until October 26 before finalizing the enforcement requirements. Meanwhile...