[South Korean National Assembly Passes Amendment to the 'Foreign Exchange Transactions Act,' Incorporating Crypto Asset Cross-Border Transfers into the Foreign Exchange Management System] According to Edaily, the South Korean National Assembly plenary session has passed an amendment to the 'Foreign Exchange Transactions Act,' requiring businesses engaged in cross-border virtual asset transfer operations to register with the Ministry of Economy and Finance. The amendment incorporates the cross-border flow of virtual assets, such as stablecoins, into the management system of foreign exchange authorities. The amendment newly defines 'virtual asset transfer business,' covering activities involving the transfer of virtual assets between South Korea and foreign countries through buying, selling, exchanging, and other methods. Virtual asset exchanges and custodial institutions are also included in the scope of registration. Additionally, the amendment reorganizes the foreign exchange business system, consolidating existing services such as currency exchange and small-scale overseas remittances into 'general currency exchange business' and 'overseas payment settlement business.' For actions that violate foreign exchange transaction procedures with the intent of obtaining improper benefits, penalties have been increased from the previous fine of less than 50 million KRW to imprisonment of up to one year or a fine of less than 100 million KRW.