Currency Exchange Business Registration
Under the Foreign Exchange Transactions Act, any business wishing to engage in currency exchange must register with the Ministry of Economy and Finance. This license is required to legally purchase and sell foreign currencies.
How We Handle It
Pre-review
Assessment of eligibility requirements
Document Prep
Preparation of Ministry of Economy and Finance submission documents
Registration
Filing with the Ministry of Economy and Finance
Completion
Receipt of currency exchange registration certificate
Frequently Asked Questions
Q. Can individuals register for currency exchange?
A. Both corporations and sole proprietors can register for currency exchange.
Q. What are the AML obligations?
A. Currency exchange operators must comply with the Act on Reporting and Using Specified Financial Transaction Information, including customer due diligence requirements.
Q. How long does registration take?
A. Approximately 3–6 weeks after submission to the Ministry of Economy and Finance.
Q. Are there restrictions on currency types?
A. Permitted currencies are specified at registration. Additional currencies can be added via a change registration.
Q. Are there location restrictions?
A. Registration is possible outside tourist zones and airports, provided facility requirements are met.