According to ChainCatcher, South Korea’s National Assembly passed amendments to the Foreign Exchange Transaction Act on May 8, requiring virtual asset cross-border transfer businesses to register with the Ministry of Finance and Economics. Stablecoins and other virtual assets transferring between South Korea and foreign countries are now subject to foreign exchange authority oversight. Cryptocurrency exchanges and custodial institutions must also register under the new framework.
Penalties for violations have been strengthened, with fines increased from 50 million won to up to 1 billion won or up to one year imprisonment for cross-border asset transfer violations conducted with intent to gain improper benefits.
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
The South Korean National Assembly passes amendments to the Foreign Exchange Transactions Act, bringing cross-border transfers of virtual assets under foreign exchange regulation
According to a May 8 announcement by the South Korean National Assembly and reporting by South Korean financial media outlet Edaily, the National Assembly plenary session on May 7 passed an amendment to the Foreign Exchange Transactions Act, requiring companies engaged in cross-border transfers of virtual assets to register with the Minister of Strategy and Finance. It also brings cross-border flows of virtual assets such as stablecoins and cross-border transfers of funds between the won and foreign currencies under the foreign exchange supervision regime. The amendment also adjusts the classification framework for foreign exchange businesses and increases the penalties for illegal foreign exchange trading activities.
MarketWhisper49m ago
SEC Chair Paul Atkins Announces Policy Shift Away From Enforcement-Focused Approach on Thursday
According to Cointelegraph, SEC Chair Paul Atkins announced on Thursday, May 8, that the agency will shift from an enforcement-focused regulatory approach to one prioritizing clarity on how federal securities laws apply to digital assets. Following a memorandum of understanding signed with the
GateNews2h ago
Japan's JCBA Releases Staking Guidelines Covering 7 Operational Categories Today
According to CoinPost, Japan's Crypto Asset Business Association (JCBA) released operational guidelines titled "Best Practices for Crypto Asset Staking Business" today (May 8), aimed at enhancing security, transparency, and user protection. The guidelines address industry challenges including fee op
GateNews3h ago
Fairshake spends $7.2 million to build momentum in the U.S. states for the early primaries, making crypto legislation a key factor for voters
According to Federal Election Commission (FEC) filings, two affiliated entities under the crypto-backed political action committee Fairshake spent a total of about $7.2 million this week to purchase media ads for political candidates in Georgia, Texas, Alabama, Nebraska, and Kentucky. Primaries in multiple states are scheduled to be held in May, making crypto legislation a key campaign issue.
MarketWhisper4h ago
BlackRock submits a 17-page open letter, urging the OCC to remove the 20% cap on tokenized reserves
CCN reported on May 7 that BlackRock, ahead of the public comment period deadline for the GENIUS Act, submitted a 17-page public letter to the U.S. Office of the Comptroller of the Currency (OCC), requesting that the OCC remove the proposed 20% cap on the proportion of tokenized reserve assets for stablecoin issuers. In the letter, BlackRock directly stated that the restriction is “not related” to the OCC’s considerations of safety and stability.
MarketWhisper4h ago
U.S. Senate Banking Committee May Notify Tomorrow on CLARITY Act Hearing, Vote Expected Next Thursday
According to crypto journalist Eleanor Terrett, the U.S. Senate Banking Committee may notify as early as tomorrow of a hearing on the CLARITY Act, with a vote anticipated next Thursday. Legislative drafts have been distributed to select industry members, and the bill language is currently
GateNews4h ago
