Korea’s 2026 virtual asset transfer provisions

Where Article 5-3 of the Act is applied to a virtual asset service provider pursuant to Article 6(3) of the Act, the provision of information shall follow the subparagraphs below. <Amended 18 August 2026>

1. Information shall be provided in every case in which a virtual asset service provider transfers virtual assets to another virtual asset service provider.

2. The transferring provider shall provide the receiving provider with the following:

(a) the name of the customer sending and the customer receiving the virtual assets (for a corporation or organisation, its name and the name of its representative);

(b) the virtual asset address of the customer sending and the customer receiving the virtual assets (meaning the unique identifier generated electronically for the management of transfer records and custody records; the same applies below).

3. Where the Commissioner of the Korea Financial Intelligence Unit or the receiving provider so requests, the resident registration number of the sending customer (for a corporation, its corporate registration number), or passport number or alien registration number (for foreign nationals only), shall be provided.

4. The information under subparagraph 2 shall be provided together with the transfer; the information under subparagraph 3 shall be provided within three business days from the date the request is received.

[Effective: 19 February 2027]

6. Where virtual assets are received from another virtual asset service provider, the following shall be carried out:

(a) where the information under subparagraphs 2 and 3 of Article 10-10 has not been provided by the transferring provider, to demand that provider supply it;

(b) where all or part of the information is still not supplied despite the demand under item (a), to refuse the transaction.

7. Where a virtual asset transfer transaction (meaning a transaction transferring or receiving virtual assets; the same applies in this subparagraph and subparagraph 8) is conducted with a foreign virtual asset service provider (meaning a person who, in a foreign country, engages as a business in acts equivalent to virtual asset transactions; the same applies below), the following shall be carried out:

(a) to assess the content, method and level of the measures the foreign provider performs to prevent money laundering and the financing of terrorism, by a method published by the Commissioner of the Korea Financial Intelligence Unit, and to conduct the transfer transaction in conformity with criteria published by the Commissioner;

(b) for transfer transactions at or above an amount published by the Commissioner, within the range of ten million won or above, converted according to a conversion standard published by the Commissioner, to establish and operate an internal suspicious-transaction monitoring system to prevent the risk of money laundering and the financing of terrorism.

8. Where a virtual asset transfer transaction is conducted with a counterparty using a virtual asset address over which the virtual asset service provider does not hold exclusive control, the following shall be carried out:

(a) to conduct the transfer transaction in accordance with criteria published by the Commissioner of the Korea Financial Intelligence Unit, taking into account the characteristics of the customer and the pattern of the transaction;

(b) to carry out the matters under item (b) of subparagraph 7.

9. Any other measure equivalent to those under subparagraphs 1 to 8 that is published by the Commissioner for the purpose of transparent virtual asset transactions.

[Effective: 19 February 2027]

This Decree shall enter into force on 20 August 2026. Provided that the amended provisions of Article 10-2, Article 10-5(6), Article 10-10, Article 10-20, and Article 16-2 subparagraphs 1 and 4 shall enter into force on the date on which six months have elapsed since promulgation.