[South Korea's New Regulations to Report Cross-Border Crypto Transfers on a Transaction-by-Transaction Basis Starting December 3rd Affect Over 1.27 Million Users] Odaily Planet Daily reports that amendments to South Korea's Foreign Exchange Transaction Act will take effect on December 3rd. According to the Bank of Korea's manual, domestic virtual asset service providers must report cross-border cryptocurrency transfer information on a transaction-by-transaction basis by 11:00 AM on the next business day following the transaction completion date. This includes the transaction time, currency and quantity, equivalent Korean Won amount, transaction fees, and information of both the sender and receiver. Service providers must also submit a monthly balance report (FX1021) by 5:30 PM on the 10th of the following month, reporting each user's month-end holdings, equivalent Korean Won balance, and total cross-border inflows and outflows for the month. This includes dormant accounts, delisted cryptocurrencies, and pledged assets; direct transfers between personal wallets are not required to be reported. The scope of the investigation is based on users who have made at least one cross-border transaction since the Virtual Asset User Protection Act came into effect on July 19, 2024, involving a total of 1,272,878 users across the five major exchanges. The Bank of Korea stated that the data will be shared with the National Tax Service, the Korea Customs Service, the Financial Supervisory Service, and the Financial Intelligence Service; the central bank is considering extending the investigation period to December 3, with the final scope to be determined in November.