Edaily reported that businesses engaged in virtual asset overseas transfer services must register with the Minister of Economy and Finance. The purpose is to ensure soundness by including cross-border fund movements of virtual assets, such as stablecoins, as well as Korean Won and foreign currencies, within the foreign exchange authorities' management system. The core of the amendment to the 'Foreign Exchange Transactions Act' related to virtual assets, which passed the plenary session, is to newly define the concept of 'virtual asset transfer services' and to mandate that businesses wishing to perform transfer services, such as sending or receiving virtual assets overseas, must register with the Minister of Economy and Finance.
