Korea’s New Crypto Transfer Reporting Rule: What the Draft Says and How to Comment by Oct 26
As of October 16, 2026 (KST). The rule is a proposal, not yet final. Korea’s Ministry of Finance and Economy (MOFE) published a draft amendment to the Enforcement Decree of the Foreign Exchange Transactions Act on October 7, 2026. Under the draft, businesses that move virtual assets between Korean and overseas crypto service providers, or between Korean providers and personal wallets, would have to register and report those transfers to the Bank of Korea’s FX Information System. Public comments are open until October 26, 2026, and the government plans to apply the rule from December 3, 2026.
Is this a Bank of Korea rule?
Not exactly. The rule is a government decree drafted by MOFE, and the Bank of Korea is where the reports would go. MOFE’s English press release says transfer businesses “will be required to report information on virtual asset transfers to the FX information concentration agency (the Bank of Korea’s FX Information System)” (MOFE). The decree would put into effect the amended Foreign Exchange Transactions Act of June 2, 2026.
What transfers are covered
The draft defines a new “virtual asset transfer business”. According to the official notice, it covers:
- moving virtual assets between Korea and other countries through custody and management, or brokerage and intermediation, and
- transfers between a domestic virtual asset service provider and a personal wallet
(MOLEG notice, MOFE Notice No. 2026-259; MOFE).
Who has to do what
| Who | What the draft says |
|---|---|
| Virtual asset transfer businesses | Must register with the Minister of Economy and Finance in advance and report transfers to the Bank of Korea |
| Registration requirements | IT systems needed for the business and two or more specialist staff (Yonhap); MOFE describes these as “facility and professional staffing requirements” |
| Bank of Korea | Receives the transfer reports through its FX Information System |
| National Tax Service, Korea Customs Service, Financial Supervisory Service, Financial Intelligence Unit | Share and use the information |
| Financial Supervisory Service / Financial Services Commission | Inspection is entrusted to the FSS, and sanctions are delegated to the FSC (MOLEG) |
The draft also sets grounds for revoking registration, suspending business and imposing fines on businesses that break the registration or reporting rules.
What about individual users and foreigners? The obligations in the official documents fall on the businesses that carry out the transfers, not on individual users. None of the sources we read mentions foreign residents or non-residents specifically. We don’t know how the rule will treat them.
Is there a minimum amount? None of the official documents or reports we read gives a transfer amount threshold for reporting. The only numerical requirement we found is the two-or-more specialist staff rule for registration.
Why Korea is doing this
MOFE says the integrated monitoring framework is meant to help prevent the circumvention of FX regulations and illegal transactions involving virtual assets (MOFE). The same draft also creates registration requirements for money-changers. It allows one-strike cancellation for serious violations, including unauthorized remittances involving virtual assets, and it merges six fintech FX business types into one “overseas payment and settlement business”.
Timeline
| Date (2026) | Step |
|---|---|
| June 2 | Foreign Exchange Transactions Act amended |
| October 7 | Draft decree published for public comment |
| October 26 | Public comment period ends |
| After that | Regulatory review (Office for Government Policy Coordination), Ministry of Government Legislation review, Vice Ministers’ Meeting and Cabinet |
| December 3 | Planned start, alongside the amended Act |
The December 3 date is a plan. The decree still has to pass these reviews.
How to comment (by October 26)
According to the official notice (MOLEG), any organization or individual can submit a written opinion that includes:
- your opinion on each item (for or against, with reasons);
- your name (for an organization, its name and representative), address and phone number;
- any other relevant information.
Where to send it:
– Email: [email protected]
– Fax: +82-44-215-8136
– Post: Foreign Exchange System Division, Ministry of Economy and Finance, Government Complex Sejong, 42 Doum 6-ro, Sejong 30112, Korea
For questions, call the Foreign Exchange System Division at +82-44-215-4753. The full draft is posted on the MOFE website (mofe.go.kr) under “Laws → Legislative notices”. The notice is in Korean, and it doesn’t say whether comments in English are accepted.
FAQ
Does this ban sending crypto abroad? No. The draft sets up registration and reporting for transfer businesses. It doesn’t ban transfers.
Does it cover sending coins from a Korean exchange to my own wallet? The draft includes transfers between a domestic provider and a personal wallet in the business definition. The reporting duty falls on the business.
When does it start? The planned date is December 3, 2026, if the reviews go ahead as described.
This article summarizes a government proposal for information only. It is not legal, tax or investment advice. The draft may change before it is finalized. Check with the Ministry of Economy and Finance or a qualified adviser about your own situation.
Sources
- Ministry of Finance and Economy (English), “Proposed Amendment to the Enforcement Decree of the Foreign Exchange Transactions Act Announced for Public Comment”, Oct 2026, accessed Oct 15, 2026: https://english.mofe.go.kr/pc/selectTbPressCenterDtl.do?boardCd=N0001&seq=6500
- Ministry of Government Legislation, 외국환거래법 시행령 일부개정령안 입법예고 (MOFE Notice No. 2026-259, Oct 7, 2026), accessed Oct 15, 2026: https://www.moleg.go.kr/lawinfo/makingInfo.mo?lawCd=0&lawSeq=88940&lawType=TYPE5&mid=a10104010000
- Yonhap News, Oct 7, 2026, 국경 간 가상자산 이전 모니터링 강화, accessed Oct 15, 2026: https://www.yna.co.kr/view/AKR20261007027600002
