Representations of cryptocurrencies are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration
SEOUL (Reuters) - South Korea plans to start regulating cross-border transactions of virtual assets such as cryptocurrency, bringing in registration and reporting requirements from the second half of 2025, the finance ministry said on Friday.
Under the new regulations, businesses dealing with cross-border trade of virtual assets will be required to register with authorities beforehand and report their transactions to the Bank of Korea on a monthly basis, the ministry said.
Since 2020, there have been a total of 11 trillion won ($7.97 billion) worth of foreign exchange-related crimes in South Korea, with 81.3% involving virtual assets, according to the customs agency.
The new regulations will come into effect from the second half of 2025 after completing legislative requirements, the ministry said.
($1 = 1,379.7300 won)
(Reporting by Jihoon Lee; Editing by Ed Davies)
