Under the new regulations, businesses dealing with cross-border trade of virtual assets will be required to register with authorities beforehand and report their transactions to the Bank of Korea on a monthly basis, the ministry said.

Since 2020, there have been a total of 11 trillion won ($7.97 billion) worth of foreign exchange-related crimes in South Korea, with 81.3% involving virtual assets, according to the customs agency.

The new regulations will come into effect from the second half of 2025 after completing legislative requirements, the ministry said.

($1 = 1,379.7300 won)

(Reporting by Jihoon Lee; Editing by Ed Davies)