South Korea to regulate cross-border trade of virtual assets

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.