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South Korea brings crypto transfers under FX controls
According to CoinGape, the amended Foreign Exchange Transactions Act was enacted after Cabinet approval and is set to take effect after a six-month grace period. The law creates a formal category for virtual-asset transfer businesses, covering firms that move digital assets between South Korea and overseas markets through sale, purchase or exchange. Under the new framework, companies must register with the Minister of Economy and Finance before offering cross-border transfer services. They will also have to report overseas crypto transfer records to the Bank of Korea’s foreign-exchange network, giving authorities a ... (full story)
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