According to Digital Asset, the Bank of Korea will require virtual asset transfer service providers to submit monthly reports to the foreign exchange information system for users who have transferred cross-border encrypted assets to overseas exchanges, personal wallets, etc. since July 19, 2024, even if there are no cross-border transactions in the current month. The report covers the amount of currency held, the balance of Korean won conversion, and the total amount of cross-border inflows and outflows for the current month. It also includes dormant accounts, assets that have been taken down, and pledged assets, and must be submitted before 17:30 on the 10th of the following month. It has not been determined whether it is required to trace and submit cross-border transfer transaction records before the implementation of the system. https://www. (wublock123.com)/news/south-korea-cenbank-require-month-end-balances-for-cross-border-crypto-users-70585