PANews, June 19 – According to a report by South Korean media outlet SBS Biz, South Korea is considering allowing various parties, including exchanges and fintech companies, to participate in the upcoming virtual asset overseas remittance business system. The system is expected to be implemented in December this year. Sources revealed that the government has recently begun drafting enforcement rules for partial amendments to the Foreign Exchange Transactions Act and is reviewing registration requirements for virtual asset transfer businesses. The core of the amendment is to bring cross-border virtual asset transfers under the regulatory framework of the Foreign Exchange Transactions Act, defining them as "virtual asset transfer business." Enterprises intending to engage in virtual asset transfer business must register with the Office of the Minister of Economy and Finance of South Korea and report relevant information through the Bank of Korea's foreign exchange computer network when cross-border transfer transactions occur. Previously, since cross-border virtual asset transactions had remained outside the foreign exchange regulatory framework, there were concerns that these transactions could be used for illegal foreign exchange dealings or money laundering activities. This system improvement aims to bring virtual asset transfer transactions into the management and supervision system.