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South Korea’s central bank will begin receiving reports on digital asset transfers between domestic crypto exchanges and personal wallets through the foreign exchange data network starting Dec. 2, Digital Asset reported.
According to a Bank of Korea manual on foreign exchange data network reporting for virtual asset transfer service providers, obtained by People Power Party lawmaker Park Soo-young and released on Oct. 23, the central bank will introduce a new “Virtual Asset Remittance (Receipt) Details (FX1020)” report for such providers. Virtual asset transfer service providers will be required to report cross-border digital asset transfers with offshore exchanges, overseas custodians, and personal wallets by individual or corporate user, by digital asset, and by transaction. Transactions in which users send digital assets to or receive them from their own wallet addresses will also be subject to reporting.