South Korea's Central Bank to Require Reporting of Cross-Border Crypto Holdings Starting December 2

ChainCatcher report, according to Digital Asset, the Bank of Korea will require virtual asset transfer service providers to submit monthly reports on users' end-of-month holdings for cross-border crypto asset transfers made to overseas exchanges, personal wallets, and similar entities since July 19, 2024, to the Foreign Exchange Information System—even in months with no cross-border transactions. The reports must include the number of assets held, the KRW-equivalent balance, and the total monthly inflows and outflows of cross-border transfers. Dormant accounts, delisted assets, and staked assets are also included. Reports must be submitted by 17:30 on the 10th day of the following month. It remains undetermined whether transactions prior to the implementation of the reporting requirement must be retrospectively submitted.