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A monthly cryptocurrency balance reporting requirement that has sparked privacy concerns may be difficult to enforce under South Korea’s current legal framework, the Seoul Economic Daily reported. The issue is that exchanges cannot arbitrarily block deposits or withdrawals even if customers refuse to consent to sharing their personal information, limiting their ability to fulfill the reporting obligation.
The Bank of Korea has acknowledged the problem and is discussing the balance reporting issue with the Ministry of Economy and Finance, according to the report. A draft reporting manual that the central bank sent earlier this month to the Digital Asset eXchange Alliance (DAXA) included a requirement for monthly submission of domestic cryptocurrency holdings for users who have made at least one overseas transfer transaction since July 19, 2024.