South Korea to Allow Exchanges and Fintech Firms in Virtual Asset Remittance System by December 2026

According to SBS Biz, South Korea plans to allow exchanges and fintech companies to participate in a cross-border virtual asset remittance system set to launch in December 2026. The government has begun drafting implementation rules for amendments to the Foreign Exchange Transaction Act and is reviewing registration requirements for virtual asset transfer businesses.

Companies engaged in virtual asset transfers must register with South Korea's Ministry of Economy and Finance and report cross-border transaction information through the Bank of Korea's foreign exchange network. The amendments aim to bring virtual asset transfers under the Foreign Exchange Transaction Act's regulatory framework.