South Korea to ramp up oversight of cross-border crypto transactions: Report
South Korea’s finance minister, Choi Sang-Mok, said the country will introduce reporting mandates on cross-border crypto transactions to combat foreign exchange crime.
South Korea plans to increase oversight of cross-border transactions involving crypto in a bid to combat tax evasion and “foreign exchange” crimes, the country’s finance minister, Choi Sang-Mok, reportedly said at a G20 meeting in Washington.
Choi said South Korea will introduce a reporting mandate for any business that handles “cross border transactions” involving crypto assets, according to an Oct. 24 report from local Korean news outlet Edaily.
“We will promote preemptive monitoring of virtual asset transactions that are used for tax evasion and currency manipulation across borders,” said Choi.
Go to Source
Author: Tom Mitchelhill
