South Korea's Minister of Finance and Economy, Choi Sang-mok, has revealed that the country plans to tighten regulations on cross-border transactions with cryptocurrencies in order to prevent foreign exchange crimes related to digital assets, local media reported on Friday.
This announcement was made during a G20 meeting held on Thursday in Washington.
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Choi explained that companies involved in the exchange of stablecoins and other cryptocurrencies will have to pre-register with the authorities and report details of transactions to the Bank of Korea on a monthly basis.
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This data will be closely monitored by various regulatory agencies, such as tax, customs and financial authorities, to identify and track illegal activities and also for investigative purposes.