South Korea plans to revise its Foreign Exchange Trading Act to allow exchanges and fintech companies to participate in virtual asset overseas remittance systems

According to SBS Biz, South Korea plans to revise its Foreign Exchange Trading Act to allow exchanges and fintech companies to participate in the virtual asset overseas remittance system expected to be launched in December this year. The amendment defines cross-border virtual asset transfer as "virtual asset transfer business", and relevant enterprises must register with the Office of the Minister of Finance and Economic Affairs of South Korea and report information through the foreign exchange computer network of South Korean banks during transactions.