In recent years, South Korea has introduced a series of measures to regulate cryptocurrency exchanges, aiming to increase transparency and security in the virtual asset market.
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In 2018, the South Korean government banned anonymous cryptocurrency trading in response to the growing popularity of digital assets and associated risks such as money laundering. This move aimed to improve transparency and traceability of transactions.
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In 2021, the “Act on Reporting and Use of Certain Financial Transaction Information” came into effect, setting stricter rules for virtual asset service providers, including crypto exchanges. These entities were required to obtain certification from the Korea Internet & Security Agency (KISA) and cooperate with banks to provide real-name accounts for users. The main goals were to prevent financial crime and protect investors.
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In October 2024, South Korea’s Ministry of Finance announced a plan to regulate cross-border transactions involving virtual assets, including cryptocurrencies. Starting in the second half of 2025, entities conducting such transactions will need to register in advance with the relevant authorities and report their activity monthly to the Bank of Korea. These measures respond to the surge in financial crimes related to virtual assets, which have amounted to ₩11 trillion (approximately $7.97 billion) since 2020.
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South Korea continues to tighten regulations on cryptocurrency exchanges and related transactions to ensure transparency, security, and investor protection in the virtual asset market.
