Bank of Korea to track crypto holdings of users with overseas transfers

South Korea’s central bank has introduced new reporting requirements that will require domestic crypto exchanges to disclose the monthly holdings of users who have previously transferred digital assets overseas. Summary South Korean crypto exchanges will have to report the monthly holdings of users who have previously transferred digital assets overseas, starting December 2. The reporting requirement will apply even during months without overseas transfers, provided affected users continue to hold reportable assets. Exchanges must include dormant accounts, delisted cryptocurrencies and staked assets when calculating monthly balances for the Bank of Korea. The central bank has yet to decide whether exchanges must submit historical transfer records dating back to July 19, 2024. According to an October 23 report by local media outlet Digital Asset, the Bank of Korea has prepared a new reporting framework that will take effect on December 2 and cover users who have transferred cryptocurrencies to overseas exchanges or personal wallets at least once since July 19, 2024. The details were outlined in a reporting manual obtained by People Power Party lawmaker Park Soo-young. The document, ...