South Korea Plans to Ease Entry Requirements for Virtual Asset Cross-Border Transfer Services; Fintech Companies’ Participation Scheme Under Discussion

According to South Korean media outlet SBS Biz, the South Korean government is advancing the formulation of supplementary regulations for the revision of the Foreign Exchange Transaction Act, with plans to formally bring virtual asset cross-border transfer services under the foreign exchange regulatory framework starting this December. In addition to existing virtual asset trading platforms, regulators are also exploring a proposal to allow fintech firms with relevant capabilities to participate in this business. If implemented, blockchain-based cross-border remittance and exchange services could operate within a compliant regulatory framework, potentially expanding market access beyond previous expectations.