South Korea Tightens Real Estate Regulations with Virtual Asset Disclosure

The South Korean government has updated its real estate regulations, mandating that individuals disclose proceeds from virtual asset sales when buying property. The revised rules, developed by the Ministry of Finance, the Ministry of Land, Infrastructure and Transport, and other relevant authorities, aim to bolster transparency in property transactions and prevent illicit funds from entering the market. A key change is incorporating proceeds from virtual asset sales as part of personal funds, requiring submission of supporting documentation for related transactions.