South Korea’s Bank of Korea is preparing monthly reports on crypto holdings and cross-border transfers by users who have sent digital assets to an overseas exchange or personal wallet since July 19, 2024. The reporting date is listed as December 2, but no year is specified. The available details also do not show that the central bank will see a user’s complete holdings across every platform and wallet.
- Covered providers are expected to file monthly reports through the FX1021 system.
- Users remain in scope while they hold reportable assets, even if they make no new overseas transfer.
- Dormant, delisted and staked assets are included in reported balances.
- Whether providers must submit historical transfer records is still undecided.
What providers must report
Local outlet Digital Asset reported on October 23 that the Bank of Korea had prepared a framework in the Foreign Exchange Information Network Reporting Manual for Virtual Asset Transfer Service Providers. According to the report, People Power Party lawmaker Park Soo-young obtained the manual.
The framework’s monthly filing, known as FX1021, requires covered virtual asset transfer service providers to report each qualifying user’s crypto holdings and their value in Korean won. Providers must also report the total value of digital assets transferred into and out of South Korea during the month. They submit the reports through the Bank of Korea’s Foreign Exchange Information Network.
The available information does not say whether providers report only assets held on their own platforms or must include assets held elsewhere. It also does not specify whether transfer totals are broken down by user. The requirement is not evidence that the Bank of Korea can see every user’s complete wallet balances.
Providers measure balances at 11:59:59 p.m. on the final calendar day of each month, even when that date falls on a non-business day. Reports are due by 5:30 p.m. on the 10th of the following month.
Users qualify if they have transferred digital assets to an overseas exchange or personal wallet at least once since July 19, 2024, the date South Korea’s Virtual Asset User Protection Act took effect. The reporting information does not explain how a personal wallet, or a transfer to one, is classified as overseas.
Qualifying users do not need to make another overseas transfer each month to remain in the reporting group. The manual calls for continued reporting while they hold reportable assets. The available details do not clarify whether that includes holdings on platforms other than the reporting provider.
Dormant, delisted and staked assets count
The reporting rules cover more than tokens actively traded on an exchange. They include assets in dormant accounts, delisted cryptocurrencies and crypto committed to staking. Staking generally means committing assets to a blockchain’s operation or validation process. Those assets may be less readily available to trade, but the manual still counts them as holdings.
Putting a value on tokens without a clear market price can be difficult. If a provider cannot determine an asset’s price, including for certain airdropped or delisted tokens, the manual allows it to use prices from other Korean exchanges or CoinMarketCap.
Accounts that close or reach a zero balance during a reporting month must still appear in that month’s filing. They are left out of later reports unless a balance reappears.
Historical transfer records are still undecided
The Bank of Korea has not decided whether providers must submit historical transfer records covering the period from July 19, 2024, to the start of monthly reporting. It plans to consult virtual asset transfer service providers before deciding.
The monthly filing requirement is separate. The framework calls for holdings and monthly transfer values, but whether providers must reconstruct records of earlier transactions remains unresolved. The available information does not specify compliance costs or enforcement arrangements.
Part of wider foreign-exchange oversight
South Korea has been tightening oversight of international crypto transfers. In May, lawmakers approved amendments to foreign-exchange law that introduced registration requirements for businesses handling these transfers and created a separate legal category for virtual asset transfer service providers. The year of the May approval was not specified in the reporting.
In August, South Korea approved additional controls, though the year and the measures’ implementation dates were not specified. They include risk-based checks for transfers involving foreign exchanges and self-hosted wallets, which are controlled by users rather than custodial service providers. The changes also provide for additional monitoring of transfers worth at least 10 million won and allow restrictions on transactions involving high-risk overseas counterparties.
The amendments also removed the previous 1 million won threshold for the Travel Rule between registered domestic providers. The rule requires identifying information to accompany transfers. Under the change, it applies regardless of transaction size.
Authorities have also been reviewing licensing requirements for fintech firms interested in international digital-asset transfer services. The proposed framework was expected to cover eligible businesses beyond exchanges, including companies developing blockchain-based remittance and foreign-exchange products.
Transfer figures need careful comparison
Figures reported in June put crypto remittances through major exchanges at 163.55 trillion won in 2025, up 380% since 2022. The reporting does not define the precise period covered by the 2025 figure or explain exactly which transfers count as crypto remittances.
It also cites international transfers through South Korea’s five largest banks at approximately 1, 590 trillion won “last year, ” up 20% over the same period. The year meant by “last year” is not identified. With the periods and definitions unclear, the crypto and bank figures should not be treated as directly comparable.
The figures help explain why authorities are paying closer attention to cross-border crypto activity. More reporting may give regulators a clearer view of activity passing through covered providers. But the scope of the information, its effect on users and the cost of compliance remain uncertain. Reporting requirements do not mean universal visibility into crypto holdings, and the published details do not establish that level of access.
Key questions and answers
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Who qualifies for reporting?
Users who have sent digital assets to an overseas exchange or personal wallet at least once since July 19, 2024. The available details do not clarify whether providers must include holdings outside their own platforms.
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What information must providers submit?
The framework calls for qualifying users’ holdings and their value in Korean won, along with monthly totals for digital assets transferred into and out of South Korea. It does not specify whether providers report transfer totals by user.
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Do users need to make an overseas transfer every month?
No. Holdings remain reportable in months without a new transfer if the user still has reportable assets.
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Are dormant, delisted and staked assets included?
Yes. The manual includes all three categories. If a provider cannot determine an asset’s price, it may use prices from other Korean exchanges or CoinMarketCap.
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Will providers have to submit past transaction records?
The Bank of Korea has not decided whether to require historical records dating from July 19, 2024, to the reporting system’s launch. It plans to consult providers first.
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When does reporting begin?
The framework is scheduled to take effect on December 2, but the year was not specified. Reports are due by 5:30 p.m. on the 10th of the month after the reporting period.
