Korea Cracks Down on Cross-Border Crypto Transfers

South Korea is further tightening regulations for crypto-asset transfers to overseas platforms. Under the amended Enforcement Decree of the Act on Reporting and Using Specified Financial Transaction Information, domestic exchanges will decide whether to permit outbound transfers based on the risk tier of overseas platforms. When sending funds to certain offshore exchanges or personal wallets, users may be required to prove account ownership, state transaction purposes, and disclose fund sources.

The provisions aim to mitigate risks associated with cross-border crypto transactions. Exchanges will also implement in-house suspicious-transaction monitoring systems for single-transactions exceeding 10 million won.