Discussion on adjusting the scope of month-end balance reporting; Ministry of Economy and Finance deni
Original headline월말 잔액 보고 범위 조정 논의…재정경제부, 교육세 검토 부인
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The Bank of Korea is discussing adjustments to the scope of month-end domestic crypto holdings reporting for users with cross-border virtual asset transfer histories, while the Ministry of Economy and Finance denied reports it was reviewing an education tax on digital asset operators like exchanges. According to Block Media on October 27, a Bank of Korea official said the reporting scope is being discussed based on transfer histories after the law takes effect, balancing operator burden against monitoring of illegal foreign exchange transactions. The initial draft of the operational manual required exchanges to report monthly the domestic holdings of any user with at least one cross-border transfer since July 19, 2024. The adjustment matters because it affects compliance costs for Korean virtual asset service providers and the effectiveness of capital outflow monitoring under the framework. Watch for the finalized manual language on the reporting cutoff date and whether the education tax proposal resurfaces.
Muhabbit's AI wrote this summary in its own words from TokenPost's report and translated it from Korean. It can get details wrong, so check the source.
Named in this story
Bank of Korea, Ministry of Economy and Finance