South Korea to Allow Exchanges, Fintech Companies in Virtual Asset Cross-Border Remittance System Launching December 2026

According to SBS Biz, South Korea is preparing to allow exchanges and fintech companies to participate in a virtual asset cross-border remittance system set to launch in December 2026. The government is drafting implementation rules for amendments to the Foreign Exchange Transaction Act and reviewing registration requirements for virtual asset transfer businesses.

Companies engaging in virtual asset transfer must register with South Korea's Ministry of Finance and Economy and report cross-border transaction information through the Bank of Korea's foreign exchange computer network. The regulatory overhaul aims to integrate virtual asset transfers into the Foreign Exchange Transaction Act framework, addressing concerns that cross-border virtual asset transactions had previously fallen outside regulatory oversight and could facilitate illegal forex trading or money laundering.