Bank of Korea Seeks Monthly Crypto Balance Reports for Overseas Transfers

The Bank of Korea is drafting a reporting system that would require monthly balance reports on users who made even one overseas virtual asset transfer since July 19, 2024. The final format is due November 23, tied to amended Foreign Exchange Transactions Act rules taking effect December 3.

• Reports would cover 1,272,878 users at Korea's five major exchanges
• Exchanges must report transfers by 11:00 a.m. the next day
• Balances include dormant accounts, delisted and staked assets
• Data will be shared with tax, customs, FSS and KFIU