Bank of Korea Implements New Reporting Requirements for Crypto Exchanges

The Bank of Korea is introducing new reporting requirements for domestic crypto exchanges starting December 2. They are now required to disclose the monthly balances of users who have previously transferred digital assets abroad. The requirement will apply even in months without international transfers if users continue to hold reportable assets.

Exchanges must account for funds in inactive accounts, delisted cryptocurrencies, and assets involved in staking when calculating monthly balances. As stated in the reporting guidelines obtained by lawmaker Park Soo-young, exchanges must report the amount held by each user, its value in Korean won, and the total value of digital assets transferred to and from South Korea. Balances are calculated at 23:59:59 on the last calendar day of the month, and reports are submitted by 17:30 on the 10th of the following month through the Bank of Korea's currency transaction information network.

The requirements cover more assets than those traded on domestic exchanges. If an exchange cannot determine the price of an asset – for example, some airdropped or delisted tokens – the guidelines allow for valuation based on prices from other Korean exchanges or CoinMarketCap. Users who have closed accounts or have a zero balance in the reporting month are also included in the report; they will be excluded from subsequent reports if the balance reappears.

The Bank of Korea has not yet decided whether exchanges should provide historical records of transfers from July 19, 2024 – the effective date of the Virtual Asset User Protection Act. Before making a decision, the regulator intends to consult with virtual asset transfer service providers.

The new requirements are part of broader changes to South Korea's currency rules for digital assets. In May, the parliament approved amendments introducing registration for businesses handling international crypto transfers and a separate legal category for virtual asset transfer service providers. In August, the country approved stricter controls on overseas crypto transfers, including monitoring transfers of 10 million won, and abolished the previous Travel Rule threshold of 1 million won for transfers between registered domestic providers – now identification is required regardless of the amount.

Pressure on regulators is increasing due to the volume of international crypto transfers: as of June, crypto transfers through major exchanges increased by 380% since 2022 and reached 163.55 trillion won in 2025.