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South Korea weighs letting fintech firms join virtual-asset remittance system in December

South Korea weighs letting fintech firms join virtual-asset remittance system in December

A revised Foreign Exchange Transactions Act creates a new registered virtual-asset transfer business category and would require cross-border transaction reporting through the Bank of Korea system.

Fact Check
The original SBS Biz primary report confirms all elements of the claim: a revised Foreign Exchange Transactions Act taking effect in December, a new registered 'virtual asset transfer business' category, mandatory cross-border transaction reporting via the Bank of Korea's foreign-exchange network, and active government review of whether to extend participation to fintech firms beyond existing VASPs. The crypto.news and BlockBeats reports independently corroborate these facts and trace back to the same SBS Biz source.
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Summary

South Korea is considering allowing fintech firms, not just cryptocurrency exchanges, to participate in virtual-asset overseas transfer services ahead of a system due to take effect in December. SBS reported on June 19 that the revised Foreign Exchange Transactions Act, approved and published on June 2 with a six-month grace period, creates a new registered virtual-asset transfer business category and requires reporting cross-border transactions through the Bank of Korea’s foreign exchange information system. The move would bring crypto-linked remittances into a formal reporting framework as authorities shape oversight of cross-border digital-asset flows.

Terms & Concepts
  • virtual-asset transfer business: A registered business category for firms handling digital-asset transfers under the revised South Korean framework.
  • Foreign Exchange Transactions Act: South Korean law governing foreign exchange and cross-border transactions.
  • cross-border transactions: Transfers or payments that move between different countries and must be reported under the new system.