Svmuu News: South Korea is considering allowing entities such as exchanges and fintech companies to participate in the upcoming virtual asset overseas remittance system, which is expected to be implemented in December of this year. Sources revealed that the government has recently begun drafting implementation rules for partial amendments to the Foreign Exchange Transactions Act and is currently reviewing registration requirements for virtual asset transfer businesses. The core of the amendments is to incorporate cross-border virtual asset transfers into the regulatory framework of the Foreign Exchange Transactions Act and define them as “virtual asset transfer services.” Companies intending to engage in virtual asset transfer services must register with the Office of the Minister of Economy and Finance and report relevant information through the Bank of Korea’s Foreign Exchange Computer Network when cross-border transfer transactions occur.