According to Edaily, South Korea’s National Assembly passed an amendment to the Foreign Exchange Transactions Act during its plenary session on Friday. The amendment requires entities seeking to transfer crypto assets overseas as a business to register with the Minister of Economy and Finance. The law defines a “virtual asset transfer business” as any crypto asset business performing transfers between South Korea and foreign countries via sale, purchase, or exchange, including crypto exchanges and digital asset custody companies.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Senate Democrats Consider Withdrawing Support for Clarity Act Over Ethical Guidelines, Vote Expected Next Week
According to Politico citing three sources, U.S. Senate Democrats are considering withdrawing support for the Clarity Act if it does not include ethical guidelines for public officials regarding cryptocurrencies. The key dispute centers on whether these rules should be added during the Senate
GateNews1h ago
HarrisX Poll Shows 52% Voter Support for CLARITY Act Ahead of Senate Banking Committee Vote
According to HarrisX polling, 52% of registered voters support the Digital Asset Market Clarity Act ahead of a possible Senate Banking Committee vote, with 11% opposed. The survey found net support of plus 48 among Democrats, plus 43 among Republicans, and plus 32 among Independents. The Clarity Act
GateNews5h ago
South Korea's National Assembly Passes Amendment Requiring Crypto Transfer Businesses to Register
According to Edaily, South Korea's National Assembly passed an amendment to the Foreign Exchange Transactions Act on Friday (May 1), requiring businesses that transfer crypto assets overseas to register with the Minister of Economy and Finance. The amendment defines a 'virtual asset transfer busines
GateNews7h ago
Meta 5/8 shuts down Instagram end-to-end encryption on DMs: 2 billion users affected, UK OSA is the main pressure
Meta officially shut down end-to-end encryption (E2EE) for Instagram DMs on 5/8, affecting about 2 billion users worldwide. Existing E2EE chats are converted to unencrypted messages; past “Secret Conversations” were decrypted and stored on Meta servers. From then on, Meta can read private messages’ text, photos, voice calls, and videos. Meta says it is due to regulatory pressure, citing the UK’s Online Safety Act and EU requirements for content moderation. While the user interface remains unchanged, increased platform-side moderation and data accessibility have raised concerns about the impact on the encryption and privacy ecosystem, prompting observation of subsequent regulatory developments.
ChainNewsAbmedia7h ago
Elizabeth Warren Criticizes WLFI for Directing Funds to Insiders While Retail Investors Struggle
According to Bloomberg, Democratic Senator Elizabeth Warren recently criticized World Liberty Financial (WLFI), a cryptocurrency project backed by the Trump family, over allegations that insiders are cashing out while ordinary investors face difficulties. Warren highlighted a Bloomberg report
GateNews7h ago
Hong Kong SFC Adds StableStock and HabitTrade to Warning List on May 8
According to the Hong Kong Securities and Futures Commission (SFC), the regulator added StableStock and HabitTrade to its warning list on May 8 after discovering that the unlicensed platforms were inducing the public to use their services through online videos. The platforms claimed they could
GateNews7h ago
