Bank of Korea to Mandate Monthly Reporting for Overseas Crypto Users

The Bank of Korea outlined these requirements in a manual titled the Foreign Exchange Information Network Reporting Manual for Virtual Asset Transfer Service Providers. According to the document obtained by lawmaker Park Soo-young, exchanges are required to file the FX1021 report, detailing month-end balances, their Korean won valuation, and total international transfer volumes. Data must be captured at 11:59:59 p.m. on the final day of each month, with reports due by 5:30 p.m. on the 10th of the following month.

Coverage extends beyond active trading accounts to include dormant balances, delisted tokens, and assets locked in staking protocols. In instances where specific assets lack clear market pricing, exchanges are authorized to use valuations from alternative domestic platforms or CoinMarketCap. Users who close their accounts or reach a zero balance must still be included in the submission for that month, though they will be excluded from subsequent reports unless activity resumes. While the July 19 start date aligns with the implementation of the Virtual Asset User Protection Act, the central bank has not yet finalized whether to mandate the retroactive submission of transaction data for the period between July and December.