Korea tightens the transfer of encrypted asset flow to overseas exchanges

News1 reports that the Republic of Korea is further tightening the process of transferring encrypted assets to overseas platforms after its overseas exchange applications bybit, okx and so forth have been defunct from local Google Play. Under the latest amendment to the Enforcement Order of the Specific Financial Information Act, in the future the Korea Exchange will have to decide whether to release transfers to some overseas exchange or individual wallets according to the risk level of the overseas platform. Users may be required to certify that the account is owned by themselves, indicating the purpose of the transaction and the source of the funds, and that transfers may be delayed or refused if information is insufficient. Related transactions amounting to more than 10 million won will also be included in the Exchange's own suspicious transactions monitoring system, which will be implemented six months after publication。