South Korea is set to implement regulations on cross-border transactions involving virtual assets, including cryptocurrencies, with registration and reporting obligations beginning in the latter half of 2025, as announced by the finance ministry on Friday.

According to the new framework, businesses engaged in cross-border virtual asset transactions must register with the relevant authorities in advance and submit monthly transaction reports to the Bank of Korea, the ministry indicated.

Since 2020, South Korea has recorded foreign exchange-related crimes totaling 11 trillion won ($7.97 billion), with 81.3% of these cases linked to virtual assets, as reported by the customs agency.

The new regulatory measures will take effect in the second half of 2025, following the completion of necessary legislative processes, the ministry stated.