[Bank of Korea to Collect Cross-Border Crypto Transfer Data on a Transaction-by-Transaction Basis Starting in December, Affecting 1.27 Million Users] According to Jinse Finance, the amendment to South Korea's Foreign Exchange Transaction Act will take effect on December 3. According to the Bank of Korea's manual, domestic virtual asset service providers must report each cross-border transfer of crypto assets by 11:00 AM on the next business day after the transaction is completed, including the transaction time, currency and quantity, Korean Won equivalent, transaction fee, and information of both the sender and receiver. A monthly balance report (FX1021) is also required, reporting each user's month-end holdings, Korean Won equivalent balance, and total cross-border inflows and outflows for the month, up to 5:30 PM on the 10th of the following month, covering dormant accounts, delisted cryptocurrencies, and pledged assets; direct transfers between personal wallets are not included in the reporting scope. The baseline for retrospective reporting is those with at least one cross-border transfer record since the Virtual Asset User Protection Act took effect on July 19, 2024. According to data from Representative Park Soo-young's office, this includes 1,272,878 users across the five major exchanges. The central bank stated that the data will be shared with the National Tax Service, the Japan Customs Service, the Financial Supervisory Service, and the Financial Intelligence Service. It is considering expanding the starting point to December 3, with the final range to be determined in November.