South Korea Tightens Crypto Transfer Rules, Mandating Identity and Fund Verification

New amendments require Korean exchanges to verify user identity and fund sources for overseas transfers. Transactions over 10M KRW face enhanced monitoring, with rules effective in six months.

Woofun AI reports that South Korea is implementing stricter controls on crypto asset transfers to foreign platforms following the removal of apps like Bybit and OKX from Google Play. Under revised regulations, domestic exchanges must assess the risk profile of overseas counterparts before approving transfers. Users may need to verify account ownership and disclose transaction purposes and fund sources, with insufficient documentation leading to delays or rejections. Transactions exceeding 10 million Korean won will undergo additional suspicious activity monitoring. These measures will take effect six months after announcement.