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As the South Korean government moves to revise an enforcement decree under the Foreign Exchange Transactions Act to strengthen oversight of cross-border virtual asset transfers, industry participants have called for changes to the original draft, Edaily reported.
The Korea Web3 Blockchain Association, or KWBA, submitted its opinion to South Korea’s Ministry of Economy and Finance on Oct. 26. The ministry had earlier issued a legislative notice on Oct. 7 for revisions to the enforcement decree following amendments to the Foreign Exchange Transactions Act on June 2. Oct. 26 was the deadline for public comment.
KWBA said it supports the overall direction of bringing cross-border virtual asset transfers into foreign exchange authorities’ monitoring system, while recommending a review of revisions to several provisions in light of the industry’s level of preparedness and the compliance burden.