BlockBeats News, June 19th. According to South Korean media SBS, with the virtual asset overseas transfer system expected to be implemented in December this year, the South Korean government is considering allowing participation by financial technology companies outside of cryptocurrency exchanges. Industry insiders expect that this move will officially open up South Korea's virtual asset-based cross-border remittance and foreign exchange market.

According to today's information from relevant government departments and the industry, the South Korean government has recently begun to draw up the enforcement decree of the revised Foreign Exchange Transaction Act and is reviewing the registration requirements for virtual asset transfer services.

The South Korean government approved and announced a partial amendment to the Foreign Exchange Transaction Act on the 2nd of this month in a State Council meeting. The amendment sets a six-month transition period and will officially take effect in December this year.

The core of this legislation is to include cross-border transfer of virtual assets in the regulatory system of the Foreign Exchange Transaction Act, establishing a new category called "Virtual Asset Transfer Service." Companies planning to conduct related businesses must register with the Minister of Economy and Finance and report relevant data through the Bank of Korea's foreign exchange information system when engaging in cross-border transfer transactions.