I would like to set up a cryptocurrency exchange to provide services for foreigners. Given it is a currency exchange business, I am wondering if there are any legal or installation issues. Released

Cryptocurrency exchange offices, especially exchange services using 'Dollar Stablecoins,' are being operated for foreigners under the government's regulatory sandbox approval. 

Currency exchange is available for up to $2,000 per person per day, and foreign currency exchange and card issuance functions are also provided. 

While these services provide convenience in converting virtual assets into cash, some experts point out the risks hidden behind this convenience.

For a more professional review of the content, please refer to the link below.

Current Status and Outlook of Virtual Asset Exchange Regulations in Korea

In addition, the Korea Customs Service provides the following guidance regarding related matters, so please refer to it.

◎ Under the Foreign Exchange Transactions Act, currency exchange refers to the purchase or sale of foreign currency or the purchase of traveler's checks issued abroad in exchange for domestic means of payment from residents or non-residents.

◎ Please be advised that 'cryptocurrency' does not constitute a 'means of payment' under Article 3, Paragraph 1, Item 3 of the Foreign Exchange Transactions Act, and thus is not subject to the currency exchange business.

◎ Separately, this type of business is deemed to fall under the category of a 'virtual asset service provider' according to Article 2, Item 1, Sub-item (h) of the Act on Reporting and Using Specified Financial Transaction Information, and must be reported to the Commissioner of the Korea Financial Intelligence Unit. For further details, please contact the Korea Financial Intelligence Unit (FIU).