Korea to Regulate Crypto Cross-Border Trade Next Year

On Friday, South Korea’s finance ministry announced plans to regulate cross-border transactions of virtual assets, including cryptocurrency, starting in the second half of 2025. The new regulations will mandate that businesses engaged in cross-border virtual asset trade register with authorities and submit monthly transaction reports to the Bank of Korea. The move follows significant concerns over financial crimes, as data from the customs agency shows that since 2020, foreign exchange-related crimes in Korea have reached 11 trillion won (around $7.97 billion), with 81.3% linked to virtual assets. These regulations will be enforced once the necessary legislative processes are completed, aiming to increase oversight and reduce financial crime risks in the digital asset space.