South Korea’s finance minister, Choi Sang-Mok, says the country will introduce reporting mandates on cross-border crypto transactions to combat foreign exchange crime.
South Korea is reportedly planning to increase its oversight of cross-border transactions involving cryptocurrencies in a bid to combat tax evasion and “foreign exchange” crimes, according to the country’s finance minister, Choi Sang-Mok, at a G20 meeting in Washington.
Choi said South Korea will introduce a reporting mandate for any business that handles “cross border transactions” involving crypto assets, according to an Oct. 24 report from local Korean news outlet Edaily.
“We will promote preemptive monitoring of virtual asset transactions that are used for tax evasion and currency manipulation across borders,” said Choi.
