Starting December 2, the Bank of Korea will mandate virtual asset transfer service providers to submit monthly reports to the foreign exchange information system on month-end holdings of users who have transferred crypto assets cross-border to overseas exchanges, personal wallets and other destinations since July 19, 2024. Reports are required even if there are no cross-border transactions in the month. Submission data includes coin holdings, balances converted into South Korean won, and total cross-border inflows and outflows for the month. Dormant accounts, delisted assets and staked assets are all covered, and filings must be submitted by 17:30 on the 10th of the following month. It is yet undecided whether cross-border transaction records prior to the implementation of the new rule will be retroactively reported.