South Korea Tightens Crypto Oversight with New Amendment

South Korea's National Assembly has approved an amendment to the Foreign Exchange Transactions Act, aiming to enhance the regulation of businesses involved in transferring crypto assets overseas. According to NS3.AI, the new legislation mandates that companies engaged in cross-border crypto transactions, including exchanges and digital asset custody firms, must register with the Minister of Economy and Finance. This amendment is part of a wider regulatory initiative, which also includes plans to extend the Travel Rule to cover transfers exceeding 1 million won ($681.3).